UK: Tesco secures property deals
Tesco has sealed sale-and-leaseback deals worth GBP605m (US$1.1bn) on a raft of property assets, including 13 stores and a distribution centre.
The UK's largest retailer announced the deals today (21 August) after speculation at the weekend said the company was set to announce transactions worth GBP500m.
Four buyers, Universities Superannuation Scheme, PRUPIM, LaSalle Investment Management, and Canada Life, signed separate deals with Tesco. The retailer said the deals were structured both as 100% sales and on a joint-venture basis
The stores account for 2.4% of Tesco's store space in the UK and the company said all properties would be leased back to the business on RPI-linked leases.
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