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






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

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