Tesco is planning an initial public offering of a £300 million property fund in Thailand, The Wall Street Journal reports. The global grocery and general merchandise retailer seeks to offload nearly £1 billion of property assets a year to create between £250 million and £350 million in property profit a year. The Thailand fund will initially consist of 15 shopping malls, each anchored by a Tesco Lotus hypermarket, with a portfolio of properties in Bangkok, provincial capitals and popular tourist areas. Tesco Lotus will continue to lease all 15 hypermarkets from the fund.
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