Tesco frees up £450m with new store sale-and-leaseback
Tesco has announced the latest in a series of sale and leaseback arrangements designed to free up cash from its vast property portfolio.
The supermarket has sold 10 existing stores and one further site under development in a deal worth at least £450m.
It marks the fifth such sale by Tesco since 2009, with the previous four deals having released funds totalling £2.6bn.
Yesterday new data from Kantar Worldpanel revealed that Tesco’s market share had fallen below 30% for the first time since May 2005.
Readers' comments (1)
Brian Moore, EMR-Namnews | 01 Feb 2012 12:46
Interesting move, in that Tesco will now pay rent on the sale-and-leaseback stores, thereby hitting the P&L, which can be an issue for some in the City...
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