Tesco has completed a new sale and leaseback deal with the University of Cambridge’s Trinity College, for part of a £450m portfolio of its stores.
Ten supermarkets and one store under development have been sold for more than £450m for an average net initial yield of 4.9%, the retailer said today.
The university is the 50:50 joint venture partner in the transaction.
The transaction is being primarily funded by fixed rate notes issued by special purpose vehicle Tesco Property Finance 5.
The acquired stores are valued from £13.9m to £71.7m and are based across the UK, in locations including London and Blackburn.
joanna.bourke@estatesgazette.com
