Private property investment company Topland said on Friday that it has completed the sale of its 50% stake in a portfolio of 33 Tesco supermarkets and two distribution units to Axial Investment Management, an investment unit of the insurance firm Pearl Group. The company would not disclose the value of this transaction but said that it was sold 'following capital appreciation in line with the market'. However, sources close to the deal suggested the transaction valued the entire portfolio at about £950 mln (EUR 1.36 bn).
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