Asda - comment
ASDA has closed the ground lease transaction, completing the financing of the forecourt business acquired from EG. The structure is interesting; ASDA has raised £400m of cash from the sale of notes backed by security over a portfolio of 55 stores. The term is not public, but it will be long-term. The co-investor with Macquarie is Just Group, a specialist in insuring and de-risking Defined Benefit pension schemes. Morrisons will be looking at and considering this route as part of its eventual refinancing.