Tesco completes property deals

Tesco has concluded two UK property deals totalling 455 million EUR.

 

Three Tesco stores will be sold into a 335 million EUR joint venture with the independent Tesco Plc Pension Scheme, in which the scheme will take a 50 per cent stake. A further four stores will be sold to a Prupim annuity fund client in a sale and leaseback deal worth 290 million EUR.

 

The properties are in Beckton, Swindon and Durham. The sale and leaseback properties with Prupim are in Hucknall, Northwich, Stalybridge and Tiverton.

 

The transactions are the latest in Tesco's ongoing programme to realise value from its property portfolio. Transactions completed earlier this year include the Universities Superannuation Scheme, BA Pension Fund, La Salle Investment Management, Prupim and Canada Life.

Prupim and G L Hearn acted as advisers on the sale and leaseback deal.