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Tesco Stores are to be securitized |
The European securitization market witnessed that rarest of things in June – primary issuance in the real estate-backed securitization market. And commercial real estate-backed at that. Tesco Property Finance 1 is a £430.6 million ($703.1 million) single-tranche deal backed by retail properties that are subject to 30-year bondable occupational leases with Tesco Stores, the UK’s largest supermarket chain. But this deal is very far from what the market had come to understand as CMBS.
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