Tesco completes sale and leaseback transaction

13th Feb 2013 15:21

Supermarket giant Tesco has announced the completion of a new sale and leaseback transaction, under which four trading stores and three mixed-use sites currently under development have been sold as part of a 50/50 joint venture with the Cambridge University Endowment Fund.The sites have been sold for a total consideration of over £490m for an average net initial yield of 4.7%. The transaction is being primarily funded by fixed rate notes issued by Tesco Property Finance. The share price rose 0.55% to 374p by 15:30.NR