Property swap gives Tesco 21 stores
25th March 2015UK: Tesco has completed a £733m property exchange with property investment company British Land.
Under the terms of the deal, British Land has sold its 50% stake in its Tesco Aqua Partnership, comprising 21 stand-alone foodstores, valued at £352m. The exact location of the stores was not disclosed but around 25% are said to be in the South.
In turn, British Land has acquired 50% stakes in Tesco BL Holdings Ltd and the Tesco British Land Property Partnership comprising three retail parks (Kingston Centre, Milton Keynes; Clifton Moor, York; Woodfields Retail Park, Bury) and three shopping centres (Serpentine Green, Peterborough; Beaumont Leys, Leicester; Lisnagelvin, Londonderry) and three stand-alone food stores (Bursledon, Southampton; Grove Green, Maidstone; Bromley by Bow, London) for a combined value of £381m.
Tesco will also receive a net cash payment of £96m to reflecting the difference in net asset value.