The sites held by the supermarket chain’s Spenhill development arm have been bought by a fund and clients advised by European real estate investment manager Meyer Bergman.

Sites sold are suitable for mixed-use and residential development and marks further progress against Tesco’s strategic priority of strengthening its balance sheet.

Dave Lewis, Tesco chief executive, said: “Since announcing our decision to build fewer stores we have been working with Meyer Bergman to bring forward investment on our Spenhill sites.

“We are very pleased to have agreed a deal with Meyer Bergman that will bring forward significant investment for these local communities, including opportunities for residential development.

“We will be working with Meyer Bergman and local councils in the coming weeks to complete a formal handover.”

Markus Meijer, CEO at Meyer Bergman, said: “Backed by long-term and prudent global institutional capital, Meyer Bergman has a wealth of experience and expertise in the development and asset management of mixed-use properties.

“We look forward to engaging with local stakeholders so that immediately we can start moving the various Spenhill projects forward.”