Property entrepreneur Vincent Tchenguiz is poised to sell his share in a joint property venture with grocery giant Tesco.
Tesco sold 12 of its stores and two distribution warehouses in a joint venture with Tchenguiz’s Consensus Group in March 2005, valuing the portfolio then at£366 million.
The properties are let back to Tesco, with 24 years to run and rental rises tied to inflation. It is understood that Tchenguiz will refinance his share in the venture to cash in what could be up to£80 million of gains, before selling his entire stake.
The sale will be followed by a refinancing of up to£700 million of Tchenguiz’s residential property to help to fund expansion elsewhere, according to TheTimes.
The price of Tesco's assets will provide a marker for prime retail commercial property, because there have been no similar deals since last July, after which the credit crunch drove down value on all such sites.
Vincent is the brother of property entrepreneur Robert Tchenguiz.