Tesco rocked the retail market by announcing a £804m UK property write-down.


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The retailer said it was scrapping plans to develop stores on 100 sites across the country following an in-depth review of its property pipeline. It said that the sites had been bought five to 10 years earlier when property values had been higher.

Earlier this month, the new owner of Wm Morrison, Clayton Dubilier & Rice, gave the go-ahead to sell off £500m worth of the retailer’s UK property portfolio.

Agents are close to being appointed to dispose of a raft of manufacturing and distribution centres.