Tesco completes sale and leaseback transaction

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TSCDY14.95+0.29

LONDON (ShareCast) - Supermarket giant Tesco (Other OTC: TSCDY - news) 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.

The share price rose 0.55% to 374p by 15:30.

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