Tesco announces property sale and leaseback deal in South Korea

23 Aug 2012

Tesco has today announced the successful completion of a sale and leaseback transaction 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)20 7404 5959

 

For more information please contact the Tesco Press Office on
01992 644645

Tesco is the UK's largest retailer and one of the world's leading international retailers. Tesco has around 5,000 stores worldwide, employing over 500,000 people in the 14 countries in which it operates. Our core purpose is to create value for customers to earn their lifetime loyalty. Our success depends on people: the people who shop with us and the people who work with us.