Tesco is planning a GBP950 million (US$1.42bn) property securitisation in the latest phase of its programme to release value from its UK property portfolio.

The move is part of a GBP5bn programme of property disposals that began in 2006.

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According to reports in Property Week, the grocery retailer is looking to sell 30-year commercial mortgage-backed securities, backed by rents on a portfolio of 41 stores. The bonds have a 30-year maturity and have been rated A3 by Moody’s.

This transaction is Tesco’s first commercial mortgage-backed securities deal this year, and the fourth such deal in the past 18 months for the retailer.

Tesco declined to comment further but the deal is set to complete early next week.

 

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