Tesco Announces £355 Million South Korea Deal

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Tesco PLC, one of the world's largest retailers, announced today a sale and leaseback deal with Samsung SRA in South Korea with total gross proceeds in excess of £355 million. 

Homeplus Co. Ltd, a wholly owned subsidiary of Tesco PLC, concluded the deal which includes a portfolio of four Homeplus stores and accompanying mall space.

"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. 

Samsung is a real estate fund manager focused on commercial real estate in Korea and overseas. Tesco entered South Korea in 1999 in a joint venture with Samsung, the company stated. 

Homeplus has more than 550 stores in South Korea, and is Tesco's largest international business with revenue of more than £5 billion in 2012/13.