Store disposal

    RNS Number : 5650F
  Woolworths Group PLC
  10 October 2008
   

    Woolworths Group plc announces that its subsidiary Woolworths plc has reached agreement to dispose of the leases on up to 9 stores to
Tesco Stores Limited for a consideration of up to £9 million. 
    The transfers of the individual leases are subject to individual conditions and, subject to fulfilment of these conditions, would be
expected to occur on a lease by lease basis over the next 6 months. The proceeds from the disposal, which will be received in cash at
completion, will be used to reduce Group borrowings.
    Assuming all 9 leases are transferred this would generate a profit of approximately £7 million which will be disclosed as part of the
operating profit from property transactions, their net asset value being approximately £1 million.

    Further information
    Stephen East    Group Finance Director        020 7479 5179
    Susanna Voyle    Tulchan Communications    020 7353 4200 

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