The Co-operative Group said on Monday it had agreed to sell its farms business to charitable body the Wellcome Trust for 249 million pounds ($419.04 million).
"The sale reflects The Co-operative's decision to focus on its core retail and consumer services divisions, including food, funeralcare, general insurance and legal services," it said in a statement.
The net proceeds of the sale will be used to further reduce the group's debt and invest in its core businesses, it added.
The deal is for 15,997 hectares of freehold and third party owned land, 15 farms, including 3 pack houses, over 100 residential properties and 27 commercial properties, it said.
