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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - International supermarket chain Tesco has concluded four sales and leaseback transactions as part of its strategy of releasing value from its UK property portfolio.

Four purchasers were found for £605m of property assets, including a total of 13 Tesco stores that account for around 2.4% of the value of the company's UK stores portfolio, plus a distribution centre.

The properties sold and leased back have a total floor space of more than 1.7m square feet. The lease terms are linked to the UK Retail Prices Index, with the lowest yield achieved on the stores being 4.88%.

The four purchasers were the Universities Superannuation Scheme, PRUPIM, LaSalle Investment Management, and Canada Life. The Universities Superannuation Scheme transaction is a joint venture with Tesco, while the other transactions were 100% sales.

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