By Morrisons could dazzle new investors for Grimsby with site sale and leaseback
The new owners of Morrisons‘ could be set to sell and lease its manufacturing facilities in Grimsby, as part of new deals and financial future plans.
Clayton Dubilier & Rice formed a £7 billion deal for the supermarket in October last year.
Sources have suggested it could see long-term agreements put in place to lease back some sold sites and whilst Morrisons have not yet commented, it looks like operations are set to stay on location in-house.
If deals were met, it could see a significant cash flow injection and may dazzle property investors in the area.
Morrisons took over the former Kwoks Foods site on the Europarc around a decade ago, adding another larger plant on the former Kerry Foods site.
The seafood sector in Grimsby saw strong growth through the pandemic, which forms the plant expansion plans to coincide.
Hilton Seafood is currently forming a major site addition on South Humberside Industrial Estate and New England Seafood International has acquired the former Haith’s facility on Europarc.
There are also plans to work towards a new build ‘eco-centre’ in Louth.
CD&R’s plans for Morrisons triggered a three-month bidding line with Fortress, with the company being de-listed ahead of an agreement to sell off several petrol stations.
