Tesco has announced another sale and leaseback deal, in the latest move by the supermarket giant to unlock cash from its vast property estate.

The UK’s largest retailer has sold its distribution facility in Harlow to London & Stamford Property for £22.9m.

The supermarket will now lease the 273,115 sq ft warehouse, located four miles from the M11 and seven miles from the M25, to distribute goods to its stores in London and the southeast.

“It is a high-quality asset, offering an excellent cash yield combined with a secure tenant and in a prime location,” said London & Stamford chairman Raymond Mould.

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