Tesco has announced two major property deals worth in excess of £300m, as the supermarket giant continues its programme of unlocking value from its vast portfolio of commercial assets.
In the first deal, stores in Beckton, Durham and Swindon are being sold into a joint venture with the Tesco Pension Scheme for £199m. The pension scheme will have a 50% stake in the JV.
Meanwhile, four further stores have changed hands in a sale and leaseback deal with asset management company PruPIM. The £109m transaction covers stores in Hucknall, Northwich, Stalybridge and Tiverton.
The deals come after Tesco last August agreed the sale and leaseback of 13 stores and a distribution centre, raising more than £600m for expansion overseas. The August deal saw PruPIM join line up alongside fellow investors LaSalle Investment Management and Canada Life to acquire the properties.
That brought the total raised by the UK's largest retailer from its programme of property deals to more than £2bn as it attempts to return value to shareholders and fund further growth.
Yesterday Tesco gained regulatory approval to complete its £950m acquisition of Tesco Personal Finance, first announced last summer.