Tesco in £650m stores deal
13 April 2012
SUPERMARKETS giant Tesco today struck a £650m deal to sell and lease back 33 of its stores and hinted at a similar-sized one to come.
Father-and-son property group Topland is buying the properties in today's tranche of disposals and will lease them back to the group. Tesco will have full control over the stores' layout and operations. Two distribution centres are included in the package.
What is probably the biggest retail property deal this year will provide further fuel for Tesco's £2.3bn capital expenditure plans for 2004.
