Tesco has announced two property deals that will raise in excess of GBP300m (US$443.8m), as the UK retailer looks to unlock the value of its real estate portfolio.

Three Tesco stores, located in Beckton, Durham and Swindon , will be sold into a GBP199m joint venture with the independent Tesco Pension Scheme. The pension scheme will take a 50% stake in the JV.

A further four stores in Hucknall, Northwich, Stalybridge and Tiverton, will be sold to a Prupim annuity fund client in a sale and leaseback deal worth GBP109m.  

The transactions are the latest in Tesco's ongoing programme to realise value from its property portfolio.

Over the past year, Tesco has sold off stores to the Universities Superannuation Scheme, BP Pension Fund, La Salle Investment Management, Prupim and Canada Life.

The company has raised more than GBP2bn through property sales. Proceeds have been used to return value to shareholders and fund growth.