Valuation of Tesco portfolio
Tesco plc instructed Cushman & Wakefield’s Valuation & Advisory team to value 11 foodstores across the UK as part of Project Reservoir, their 5 year programme aimed at raising working capital from their property assets.
The properties were let on new 30 year leases with annual RPI linked reviews. The portfolio was securitised to support bonds issued to finance their acquisition for circa £450m by a new joint venture vehicle.
Utilising Cushman & Wakefield’s position as retail experts and working through Christmas in order to deliver within the allotted timescales, the Valuation & Advisory team was able to value all 11 properties and liaise with the lead investment bank, joint venture partners and rating agencies enabling the securitisation to proceed.
The portfolio was the fifth portfolio to be valued by C&W for Tesco in their ongoing programme of asset sales targeted at raising £5Bn.