Morrisons agrees £331m property deal on extra long leases to cut debt pile

Transaction will reportedly provide investment firm Song Capital with ground rent on 76 supermarkets for 45 years

Morrisons has raised 331m to cut its debt pile through the sale of ground leases on 76 supermarkets as part of a turnaround plan under the new chief executive, Rami Baitieh.

If all the proceeds are used to pay down debt, Morrisons would have net debt of 3.6bn, down from as much as 8.6bn at the end of last year.