Tesco has sold commercial mortgage-backed securities (CMBS) to European pension funds and other investors.
It is the first time the crude form of commercial property-backed bond has been sold to private sector investors in Europe or the US since the credit crisis began.
The supermarket group raised about £430m of CMBS supported by rents on 12 UK stores and two warehouses. The move will bolster hopes of a securitisation revival, according to the Financial Times.
18/06/09 Financial Times 15, 19 Times 46
