Wal-Mart has announced it is to sell Gazeley, the property development subsidiary of Asda, to a Dubai-based company.
The sale to Economic Zones World, part of the Dubai World group, is expected to complete at the end of July.
Gazeley is the preferred developer of distribution space for Wal-Mart International, including Asda in the UK.
“We believe this sale will enable us to focus more on our retail operations,” said Michael T Duke, vice chairman of Wal-Mart Stores.
Andy Bond, president and chief executive of Asda, said: “I am extremely proud of what Gazeley has achieved as part of the Wal-Mart and Asda family and I look forward to continuing a long-term relationship with them as a customer.”
