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Tesco and British Land in pound 650 mn joint venture

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Tesco has announced a 50:50 property joint venture with British Land, already a partner in several other property transactions. The agreement is for a term of 20 years with an early termination option in 2017.

The £650-million deal will generate Tesco net proceeds of £570 million, with property profits of £142 million. Tesco will now be better situated to release funding for its future growth, while gaining the leverage to operate its property assets.

The transaction includes 21 Tesco stores, which together make up approximately 3 per cent of Tesco UK property assets by square footage.

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