Tesco has completed a ￡685m-sale-and-leaseback transaction in its fifth property securitisation. Twenty trading stores and one store and mall under development have been sold for ￡685m, reflecting an average net initial yield of 4.7%. The transaction is being funded by the issue of fixed-rate notes in the commercial mortgage-backed securities (CMBS) market by Tesco Property Finance 4. The properties are let to Tesco on 29-year-and-321-day leases. Tesco can only terminate the leases if the bondholders are repaid.
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