Tesco completes sale and leaseback agreement in South Korea

3rd Jan 2014 11:56

Supermarket chain Tesco on Friday reported that it had completed the sale and leaseback of a portfolio of four Homeplus stores and accompanying mall space in South Korea.Homeplus, one of Tesco's wholly-owned subsidiaries, made with transaction with Samsung SRA, a real estate fund manager focused on commercial real estate in Korea and overseas.The deal generated total gross proceeds in excess of £355m.In a statement Tesco said: "Following the successful sale and leaseback of four Homeplus stores in August 2012, this announcement further demonstrates the underlying value of our operations in Korea and the attractiveness of our property and business to investors." NR