Tesco seals £605m sale-and-leaseback on 13 stores

Thursday, 21 August 2008
Tesco has completed four sale and leaseback transactions involving £605m of property assets.

The supermarket said the deal formed the latest phase of its ongoing programme of releasing value from its UK property portfolio.

Four separate purchasers were involved:

• The Universities Superannuation Scheme
• PRUPIM
• LaSalle Investment Management
• Canada Life

The deals were structured on both a 100% sale and a joint-venture basis.

They included 13 Tesco stores, accounting for about 2.4% of the value of its UK stores portfolio, and a distribution centre.

The properties have a total floor space of more than 1.7 million sq ft.

All properties have been leased back to Tesco on leases linked to the Retail Price Index.
tesco store
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