Property Week - January 9, 2009
Tesco has completed another two sale and leasebacks totalling £308m. It has sold three Tesco stores into a £199m joint venture with the separately run Tesco Pension Scheme. The pension scheme will take a 50% stake. A further four stores will be sold to a Prupim annuity fund client in a £109m sale and leaseback. The initial yields on all the transactions are 5.25%-5.3%. Prupim and GL Hearn advised the Prupim fund; Morgan Williams advised Tesco on both transactions; Cushman & Wakefield advised the Tesco Pension Fund.
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