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Tesco raises £950m from sales
Tesco, Britain’s largest supermarket chain, has raised £950m after agreeing a sale-and-leaseback arrangement for 41 of its stores. The company said the move was part of its long-term plan to “release value” from its UK real estate portfolio. The deal is structured as a 50/50 joint venture with the trustees of Tesco’s pension fund, and is being financed with bonds issued by funding vehicle Tesco Property Finance 3.