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Retail group Shoprite has announced that it has, through its wholly owned subsidiary MyWay Limited, signed an agreement with Wm Morrison Supermarkets, to purchase the UK grocer’s leasehold interest in a Safeway store on the Isle of Man.

The leasehold interest for the Chester Street store in the island’s capital, Douglas, is being bought for £3m (US$5.6m).

Shroprite said the acquisition will provide the group with significant additional food retail space in the centre of Douglas, and the directors believe that it represents an “exciting” opportunity for Shoprite to increase its market share.