Supermarket giant in sale & leaseback deal

All properties will be leased back to the joint venture on 30-year RPI-linked leases, with an average initial yield for the stores of 5.2% and 6.3% for the distribution centres.

The transaction is being primarily funded by the issue of fixed rate notes by Tesco Property Finance 1 PLC (the debt-issuing entity of the joint venture, credit-linked to Tesco PLC).

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