Tesco has sold £458m of its properties, financed by the first property securitisation for two years.

The supermarket has carried out a £458m sale and leaseback as part of a £5bn programme of property disposals it began in 2006.

Arranged by Goldman Sachs, Tesco has sold £430.65m of commercial mortgage-backed securities in a ‘true-sale securitisation’ of two loans, secured by 12 supermarkets and two distribution units let on long leases guaranteed by Tesco.

Rental uplifts are fixed at 2.5%-5% for the first five years and are Retail Prices Index-linked afterwards.