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.
Click here for the story from The Wall Street Journal.