Tesco has completed a new sale and leaseback transaction in the latest phase of its ongoing programme to release value from its property portfolio.

Some 41 stores have been sold for in excess of GBP950m (US$1.44bn) with an average net yield of 4.9%

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The released funds will be used to help fund new property development projects, both in the UK and in international markets.

The deal is structured as a 50/50 joint venture with Tesco Pension Fund Trustees Limited as a trustee of the Tesco plc pension scheme.

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