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Tesco to build 4,000 homes after Dave Lewis named CEO following Philip Clarke's resignation

Tesco is working on plans to deliver more than 4,000 new homes on its vast UK landbank as part of a £1bn housing programme.

The supermarket giant said the new homes will be built by 2017, with the majority of sites located in the South-east.

Additional developments are also scheduled for the North and West of England.

It has not yet been confirmed whether Tesco will sell the sites to outside developers once planning has been obtained or build the homes via its housing subsidiary Spenhill.

Spenhill specialises in residential and mixed-use developments and has properties in south and east London, Faversham and Woolwich.

A Tesco spokesman said: “We are currently working on plans for more than 4,000 homes across the UK, either by building them ourselves or selling our sites to housing developers.

“In places where we have already delivered housing schemes, for example in Faversham or Highams Park, the feedback from local communities and councils has been very positive.

“We are pleased to be bringing new investment to communities up and down the country and playing our part in meeting local housing needs over the coming years.”

Tesco issued a profit warning this morning and announced that Dave Lewis will replace Philip Clarke as chief executive on 1 October. Mr Clarke will continue as CEO until that date, afterwhich he will step down from the board.

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