Tesco has raised £605 million (€ 758 million) from four sale & leaseback of properties in the latest phase of its ongoing programme of releasing value from its UK property portfolio.

The deal includes 13 Tesco stores, which account for about 2.4% of its UK store square footage, and a distribution centre. Together they have a total floor space in excess of 1.7 million sq. ft.

Four separate purchasers are involved in the deals: the Universities Superannuation Scheme; PRUPIM; LaSalle Investment Management; and Canada Life.

All properties have been leased back to Tesco on RPI linked leases. The lowest yield achieved on the stores was 4.88%.

Tesco announced in 2006 that it planned to sell about £5bn (€ 6.2 million) of property over the following five years.

Related articles:
Tesco to outline plans for property
Tesco to develop wholesale business in India
Tesco tackles Aldi & Lidl