Tesco is this week expected to announce in its full-year results profits of as much as £135m from its property division. Sunday Telegraph. The Observer.

Tesco’s property earnings, one year into a five-year £5bn property joint venture programme, will be a significant contribution to the group’s record pretax profits of £2.5bn, and are 40% higher than last year.

Overseas, the supermarket opened nearly 400 stores, totalling 7.5m sq ft of selling space, in eastern Europe and Asia over the year - four times as much new space as in Britain. It will open its first Express convenience store in central Europe this summer and plans to start operations in the US later this year.