London and Stamford has readies for Tesco purchase

16th Sep 2011 07:26

Property company London and Stamford Property has completed the £14.89m financing with the Metropolitan Life Insurance Company of the Tesco Distribution Unit, acquired on 16 August 2011. The facility was arranged by Laxfield Capital.The company paid supermarket giant Tesco £22.9m for the unit, which is based in Harlow, Essex.Tesco guarantees the unexpired lease term for a further 12.5 years to Tesco Stores, the company said. Tesco uses the facility to distribute to its stores in London and the South East. --jh