Tesco raises £300 million from sale and lease back deal in South Korea
Tesco has completed a deal to unlock value from its international property portfolio.
The supermarket has agreed a sale and leaseback transaction for four Homeplus stores in South Korea which operate as part of Tesco's wholly owned subsidiary Homeplus Co. Ltd.
The deal comprises the Homeplus stores and accompanying mall space, with total gross proceeds in excess of £300 million.
Tesco concluded the transaction with a consortium of investors led by IGIS Asset Management, a local leader in retail property investment.
Homeplus in South Korea is Tesco's most successful international business with revenue of over £5 billion in 2011/12. The business operates more than 450 stores and employs over 27,000 people.
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