Asda, the supermarket chain owned by Wal-Mart, the US retailer, could sell its global property development business in a deal that could fetch up to £400m. Financial Times
The company told staff yesterday that it was looking for a buyer for Gazeley, an industrial developer, which will interest rivals such as San Francisco-based AMB and Australia’s Goodman International.
Gazeley is one of the largest industrial property developers in the UK and also operates in a number of other countries, including India, Mexico and China. It was acquired by Wal-Mart as part of its takeover of Asda in 1999.
Formed in 1987, the group operates as a standalone business, but also provides Wal-Mart and Asda with distribution and storage warehouses across the world.