Tesco in sale and leaseback deal
London Tesco has carried out a sale and leaseback deal for property assets valued at 514 million pounds ($817 million), according to a MarketWatch report.
The transaction, structured as a 50-50 joint venture with an unnamed U.K. pension fund, represents the latest phase in the firm’s ongoing program to release value from its property portfolio.
The portfolio will consist of 15 Tesco stores, accounting for approximately 75% of the transaction value, and two distribution centers, accounting for the remaining 25%.
All properties will be leased back to the joint venture with the pension fund on 30-year RPI-linked leases, with an average initial yield of 5.2% for the stores and 6.3% for the distribution centers.
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Dollar General partners with Lysol/Air Wick for literacy campaign
GOODLETTSVILLE, Tenn. Dollar General has partnered with Lysol and Air Wick to raise money for its literacy charity.
For every Lysol and Air Wick product purchased at Dollar General from Oct. 2 through Nov. 13, 5 cents will be donated by Reckitt Benckiser to the Dollar General Literacy Foundation, up to $150,000. In addition, customers can mail Dollar General receipts for Lysol or Air Wick purchases to Dollar General Literacy and a $1 donation will be made by Reckitt Benckiser to the Dollar General Literacy Foundation, up to $10,000.
Walgreens SVP pharmacy innovation, purchasing to leave company
DEERFIELD, Ill. Walgreens announced that George Riedl, SVP pharmacy innovation and purchasing, will leave the company at the end of the year.
Since March, Riedl has overseen the rollout of a new pharmacy system in Florida and Arizona that centralizes administrative tasks and provides store pharmacists more time for patient counseling and other clinical services. With rollout of the system complete in Florida and nearing full implementation in Arizona, Riedl will finalize his transition from the company over the coming months.
“With the confidence I have in the direction of the company’s pharmacy operations and in Walgreens future as a whole, this is the right time for me to move on to other opportunities,” said Riedl. “I look forward to the challenges that lay ahead.”
Walgreens president and CEO Greg Wasson said, “During his 27 years with Walgreens, George has played a key role in several areas, including marketing, merchandising, purchasing and pharmacy services. We appreciate all he has done for the company during that time and for his willingness to stay on during this transition period. George’s outstanding leadership skills in developing and motivating staff will benefit our company for years to come. We wish him the best in his future endeavors.”
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