Tesco has completed another two sale and leaseback deals totalling £308m.

It has sold three Tesco stores into a £199m joint venture with the separately run Tesco Pension Scheme.

The Tesco pension scheme will take a 50% stake.

A further four stores will be sold to an annuity fund managed by Prupim in a £109m sale and leaseback deal.

The properties involved in the Tesco pension joint venture are Beckton, Swindon and Durham. While the stores sold to Prupim are Hucknall, Northwich, Stalybridge and Tiverton.

The initial yields on the deal are between 5.25% and 5.3%.

The transactions are the latest in Tesco's ongoing programme to ‘realise value from its property portfolio.’

Transactions completed earlier this year include those with the Universities Superannuation Scheme, La Salle Investment Management, Prupim and Canada Life.

Prupim and GL Hearn were advisers to the Prupim fund. Morgan Williams advised Tesco on both deals. Cushman & Wakefield advised the Tesco pension fund.