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
Investors: Chris Griffith +44 (0) 1992 644 800
Media: Tom Curry +44 (0) 1992 644 645
Brunswick +44 (0) 207 404 5959
This information is provided by RNS