The UK supermarket sector witnessed a surge in sales and leases in 2023, reaching £2.49 billion, three times more than the previous year.

The data, released by Knight Frank, showed that debt-laden chains such as Asda and Morrisons sold some of their stores to property investors, while others such as Sainsbury’s bought back their freeholds.

The trend was driven by the varying costs of capital and the demand for safe and stable assets in the commercial property market.