23 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
Chris Griffith +44 (0)1992 644 800
Tom Curry +44 (0)1992 644 645
Brunswick +44 (0)20 7404 5959
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