Tesco regains ownership of 21 UK superstores

London - Britain's biggest retailer Tesco said on Friday it has regained sole ownership of 21 superstores in a deal with British Land that forms part of a plan to strengthen its core UK business.

Tesco said the 21 superstores and associated debt were part of a joint venture between Tesco and property company British Land and were all subject to retail price index (RPI)-indexed rent increases.

In exchange for the superstores, British Land will take over Tesco's stake in three shopping centres, three retail parks and three standalone stores which are held in two other joint ventures between the two firms.