Tesco raises £250m from sales of sites

摘要

The sale of 14 development sites to pan-European property investor Meyer Bergman has raised S250m for supermarket giant Tesco. Suitable for mixed or residential development, the sites are spread across London, the south east and Bath. Tesco has had a difficult year so far, with H1 operating profit falling by 55% to £354m and net debt (excluding Tesco Bank) growing to S8.6bn as of 29 August. The sale of the sites appears to fit with previous cost-cutting and restructuring activities to return the retailer to healthy figures.