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Supermarket
giant Tesco has announced the completion of four sale and leaseback
transactions worth £605 million of property assets.
A total of 13 Tesco stores, accounting for around 2.4 per cent of
the value of its UK stores portfolio and a distribution centre were
involved in the deal. The Universities Superannuation Scheme, the
second largest pension fund in the UK and the principal pension
scheme for UK universities, embarked on a joint venture with Tesco,
while PRUPIM, LaSalle Investment Management and Canada Life completed
100 per cent sales.
All properties have been leased back to Tesco on RPI linked leases,
with the lowest yield achieved on the stores at 4.88 per cent.
- Pensions
Age August 2008
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