Tesco is in talks to sell up to a dozen of its largest stores in a move that could raise up to £500m.
The sale and leaseback is expected to be completed within weeks, according to property executives. The buyer is understood to be a major British pension fund.
The proceeds from the sale are expected to be used to reduce Tesco’s rapidly growing debt.
As with previous sale and leasebacks, Tesco is expected to form a 50/50 joint venture with the pension fund, which is said by some property advisers to be the Universities Superannuation Scheme, the second largest pension scheme in the country.