Supermarket giant Tesco has announced it will not be developing on more than 100 sites where it has bought land, as part of a property pipeline review.

Last year Tesco announced it would cut new stores by a third.

In a statement the firm said: "We have reviewed all of the schemes included in the pipeline individually, assessing their viability and potential to deliver an appropriate level of return on capital employed if built out.

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"As a result, we have identified more than 100 sites – the majority of which were bought between five and ten years ago, at a higher point in the property cycle – which we no longer plan to develop and have therefore written their values down.

"In addition to a number of other provisions, including for the impairment of schemes which still can deliver an attractive return, but one lower than originally anticipated, this has led to a total one-off UK property write-down of £804million."

(CD/H)