Pleasanton, Calif. – Safeway Inc. is reportedly seeking bids for purchase of its shopping center development business. According to the Financial Times, the business is expected to be worth around $1 billion.
The business centers on the purchase and development of sites for shopping centers in which Safeway servers as the anchor tenant. Safeway has been disposing of multiple assets in the wake of its merger agreement with Albertson’s, which is expected to close later in 2014. Safeway has previously said it wants to sell its Mexican operation.
Safeway has not commented on the potential sale of its development business and it is not certain whether any bids have been made or when a sale may occur.