The John Lewis Partnership is looking to make £150m from the sale and leaseback of 12 Waitrose stores in a bid to raise more capital.
From next week, the partnership will begin marketing the stores with 20-year inflation-linked leases, which are mostly located in the south of England, Bloomberg reported.
Property advisory firm CBRE is said to be acting as the agent, however sources told the publication that it was not certain a deal will actually take place.
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This comes as John Lewis chair Dame Sharon White’s turnaround plan has been delayed by two years as a result of “inflationary pressures”.
In March, White received backlash as the company announced that it was exploring the sale of a minority stake in the business to raise £1bn to £2bn in new investment to fund the plan.
This would see the business, which has been 100% owned by its staff for more than 70 years, no longer operating under this same ownership structure.
The Partnership has also been advised that its flagship property scheme will face “extreme challenges” in making profit.
The plans would see 428 new flats built above a Waitrose in West Ealing and 353 in Bromley, with ambition to deliver 35% affordable housing on each scheme.
However, this could cost significantly more to build than it would be worth on paper, as planning documents show it risks delivering a negative return of £57m.
