Tesco to float £300m Thai property fund

21st Sep 2011 07:17

A Tesco subsidiary, Tesco Lotus, has announced that it will launch an initial public offering (IPO) in Thailand of the Tesco Lotus Property Fund with an appraised value of 14bn Baht (more than £300m).To begin with, the property fund will be made of 15 existing shopping malls, each of which will be anchored by a Tesco Lotus hypermarket."Today's announcement of the Property Fund is in line with the property strategy we unveiled earlier this year and will be a great example of the value we create through our property," said the group's chief financial officer Laurie McIlwee.Tesco Lotus Property Fund is expected to be the largest retail property fund in Thailand.Tesco Lotus accounts for 800 of Tesco's 5,400 stores, and employs over 38,000 people.BC