Menzies Distribution has sold and then leased back eight depots across its UK logistics network, including sites in Aberdeen, Edinburgh and Glasgow.
The deal, with property investment business Custodian REIT, netted Menzies £24.65m.
It means Menzies now rents all 55 of its depots across the UK and Ireland, which it said provided “a consistent and flexible network of operating bases supporting the long-term growth and diversification of the company”.
Menzies boss Greg Michael said the deal was a “further positive step forward” for the business, “which will support and accelerate our continuing strategic and operational diversification over the coming months”.
