The cash will be spent on building new stores, refurbishing existing outlets and boosting Asda’s online operations.
The retailer increased its home shopping capacity with the opening of a third purpose-built picking centre in Nottingham last month.
Asda is due to open ten new stores during the remainder of this year including four new small format supermarkets, five superstores and one new non-food outlet.
This is in addition to two stores that have already opened in 2013 in Coventry and Larkhall, near Glasgow.
The total new stores will together add over 340,000 square feet of net selling space in 2013.
The news will be a boost for retail construction specialists still reeling from the news last week that Tesco has shelved plans to build-out 100 new stores.