LONDON, March 20 Britain's biggest retailer
Tesco said on Friday it has regained sole ownership of
21 superstores in a deal with British Land that forms
part of a plan to strengthen its core UK business.
Tesco said the 21 superstores and associated debt were part
of a joint venture between Tesco and property company British
Land and were all subject to retail price index (RPI)-indexed
In exchange for the superstores, British Land will take over
Tesco's stake in three shopping centres, three retail parks and
three standalone stores which are held in two other joint
ventures between the two firms.
Tesco will continue to lease the stores at these sites at
market rents which are not subject to RPI-indexed increases.
As part of the deal Tesco will also receive 96 million
pounds ($142 million) from British Land.
($1 = 0.6781 pounds)
(Reporting by James Davey; editing by Sarah Young)