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Tesco sells off 13 stores for £605m
21.08.08
Tesco today sold 13 stores for £605million as it continued to raise funds from its massive property portfolio.
The supermarkets giant secured sale and leaseback agreements with four institutional buyers under which Tesco sold the freeholds and rented back the stores from the new owners.
Chief executive Sir Terry Leahy has pledged to release £5billion from the firm's £30 billion-plus property portfolio by 2011 through similar deals.
It recently raised more than £1billion through deals with British Land and the British Airways pension fund and signed a smaller deal with Prudential early this year.
Rival Sainsbury's has taken on a similar strategy as retailers look to unlock the value in their large freehold properties.
Tesco sold to Universities Superannuation Scheme, Prupim, LaSalle investment Management and Canada Life.
