UK’s John Lewis to convert some shops into housing

A customer wearing a protective face mask browses handbags in the womenswear department inside a John Lewis Partnership Plc department store in London, U.K., on Thursday, July 23, 2020. Picture: SIMON DAWSON/BLOOMBERGBritish retailer the John Lewis Partnership is to turn some of its stores and a vacant warehouse into homes, in a £500m joint venture with investment company Abrdn.

It said the deal with Abrdn would create 1,000 rental homes in Bromley and West Ealing in London, and Reading, southern England, delivering 10% of its ambition to build 10,000 new homes over the next decade. In Bromley and West Ealing, Waitrose shops would be redeveloped to provide new homes and improved stores, while in Reading, a vacant John Lewis warehouse would be redeveloped.

“Our partnership with Abrdn is a major milestone in our ambition to create much-needed quality residential housing in our communities," Nina Bhatia, the partnership's executive director for strategy and commercial development, said.

Source: Real Estate Daily Report (realestatedailyreport.net)

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