UK and SEOUL-Tesco has completed a massive $584 million (£355m) leaseback deal in South Korea with the real estate fund manager Samsung SRA. The deal involves four stores and associated mall properties in Tesco's wholly-owned subsidiary Homeplus arm.
"This announcement further demonstrates the underlying value of our operations in Korea and the attractiveness of our property and business to investors," the company said in a statement.
Samsung is a real estate fund manager focused on commercial real estate in Korea and internationally. UK-based Tesco entered South Korea in 1999 in a joint venture with Samsung, the company stated.
According to Tesco, Homeplus operates more than 550 stores and employs over 26,000 people with annual revenue of more than $8 billion. It serves about six million customers per week.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
