REG - Tesco PLC - Completion of transaction

Thu Aug 23, 2012 6:26am EDT

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RNS Number : 6567K
Tesco PLC
23 August 2012
 



 

 

News release

Thursday 23rd August 2012

 

TESCO annouNces property sale and leaseback DEAL IN SOUTH KOREA

 

 

Tesco has today announced the successful completion of a sale and leaseback transaction in South Korea.  Homeplus Co. Ltd, a wholly owned subsidiary of Tesco Plc, has concluded the transaction with a consortium of investors led by IGIS Asset Management, a local leader in retail property investment.

 

The deal comprises a portfolio of four Homeplus stores and accompanying mall space, with total gross proceeds in excess of £300m.

 

This announcement highlights the continued success of Tesco's strategy to release value from our international property portfolio.

 

 

Notes to Editors:

 

§ Tesco entered South Korea in 1999 in a joint venture with Samsung; Homeplus Co. Ltd is now a wholly owned subsidiary of Tesco Plc

 

§ Homeplus in South Korea is Tesco's most successful international business with revenue of over £5bn in 2011/12

 

§ Homeplus has more than 450 stores in South Korea and employs over 27,000 people

 

§ Homeplus serves six million customers per week

 

 

 

Contact:

 

Investors:            Chris Griffith                                      +44 (0) 1992 644 800

 

Media:                  Tom Curry                                           +44 (0) 1992 644 645

                                Brunswick                                           +44 (0) 207 404 5959

 

 


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