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Tesco in £490m sale and leaseback deal

By BFN News | 03:25 PM | Wednesday 13 February, 2013

Tesco has completed a sale and leaseback deal involving four trading stores and three mixed-use sites under development. The stores and sites have been sold for a total consideration in excess of £490m for an average net initial yield of 4.7%. The deal is structured as a 50-50 joint venture with the Cambridge University Endowment Fund. The transaction is being primarily funded by fixed rate notes issued by Tesco Property Finance 6 PLC. At 3:25pm: (LON:TSCO) Tesco share price was +2.5p at 374.45p Story provided by