Ahold has completed the sale of US regional retailer Tops Markets to a Morgan Stanley investment fund.

The Dutch retail group said last night (3 December) that it had finalised the sale, which was agreed in October.

The sale, for US$310m, is part of Ahold's ongoing strategic review, which was first announced last year.

Tops runs stores in the states of New York and Pennsylvania under the Tops Markets and Martin's Super Food Stores banners.

Last year, Ahold said it would sell off parts of its business and exit ventures under a wide-ranging company review.

The programme has seen Ahold sell its Polish stores to Carrefour and offload its US Foodservice business.

Ahold also plans to sell its stake in Portuguese venture Jeronimo Martins Retail (JMR).