Legal & General in £46.6m Tesco sale and leaseback

摘要

Legal & General Property has bought three Tesco supermarkets in the Midlands in an off-market sale-and-leaseback deal for around £46.6m. Tesco will lease back the stores in Quinton, Ludlow and Market Deeping, which were bought on behalf of Legal & General's UK Property Unit Trust. The retailer signed 20-year leases and will pay £2.4m a year with Retail Price Index-linked annual uplifts. The stores range from 31,000 sq ft to 43,000 sq ft. MattJarvis, fund manager at Legal & General Property, said: "This fund's acquisitions strategy seeks to identify and secure well-located assets, and also increase its exposure to RPI-linked leases.