Supermarket giant Tesco has announced a new £650 million venture with property investor British Land.
Tesco expects to earn £142 million in profits from the £570 million it will generate during the 20-year deal.
Today's deal represents the second stage of a property sale and leaseback programme with British Land announced in April last year.
A statement from the group said: "The 50-50 joint venture enables Tesco to release funding for its future growth, while maintaining the flexibility to operate and adapt its property assets.
"The joint venture takes advantage of attractive conditions within the debt and equity markets, being reflected in an initial yield of less than 4.5 per cent."
In January Tesco announced it had entered into a similar deal with the British Airways pension fund, which is itself expected to generate funds of £445 million.
Twenty-one Tesco stores are involved in today's agreement, representing about three per cent of the supermarket's retail presence in Britain.
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