Tesco confirms sale and leaseback deal in South Korea
Tesco has today confirmed 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 Samsung SRA, a real estate fund manager focused on commercial real estate in Korea and overseas.
The deal comprises a portfolio of four Homeplus stores and accompanying mall space, with total gross proceeds in excess of £355 million.
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.
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 largest international business with revenue of over £5bn in 2012/13
* Homeplus has more than 550 stores in South Korea and employs over 26,000 people
* Homeplus serves six million customers per week
* Samsung SRA is a real estate fund manager focused on core and core-plus commercial real estate in Korea and overseas.
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