Property Transaction

RNS Number : 9629A

Tesco PLC

09 February 2011

 



9 February 2011

TESCO ANNOUNCES NEW PROPERTY SALE AND LEASEBACK TRANSACTION

Tesco has completed a new sale & leaseback transaction in the latest phase of its ongoing programme to release value from its UK property portfolio.

Twenty trading stores and one store and mall under development have been sold for a total consideration in excess of £685m for an average net initial yield of 4.7%

The deal is structured as a 50-50 joint venture with Tesco Pension Fund Trustees Limited as trustee of the Tesco PLC Pension Scheme.

The transaction is being primarily funded by fixed rate notes issued by Tesco Property Finance 4 PLC.

Contacts:

Investor Relations:	01992 644 800
Media:	01992 644 645

 

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