Tesco has signed a sale-and-leaseback deal on 14 of its sites, generating £366 million.

The deal with property group Consensus involves 12 Tesco stores and two distribution centres.

The retailer said the move would give it further flexibility and “firepower” to take advantage of growth opportunities in all parts of its business.

The 50/50 joint venture has been agreed for a term of 27 years, although it includes an early termination option for 2015.

Andrew Higginson, Tesco finance director, told the BBC: “This latest joint venture allows us to release funds efficiently from our valuable property portfolio and at the same time remain free to improve the stores for our customers by extending or remodelling them.”

The supermarket has not revealed which of its properties are involved in the deal, but said they made up 1.5% of its property assets by floor area.

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