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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The share price rose 0.55% to 374p by 15:30.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
