THAILAND: Tesco Lotus to invest in five malls
By Michelle Russell | 4 September 2012
- Tesco Lotus to open five stores in Thailand
 |
The expansion is being made through the Tesco Lotus Retail Growth Freehold and Leasehold Fund |
Tesco is to invest in a further five Lotus-anchored shopping malls in Thailand.
"This demonstrates the continued success of Tesco's strategy to release value from our international property portfolio," Tesco said.
The proposal has been approved by the investment committee and will now be put to unitholders at a meeting scheduled for 5 October.
Last month, Tesco, which operates around 1,000 stores in Thailand, announced it is opening three distribution facilities in the country.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA
PROPOSED EXPANSION TO THAI PROPERTY FUND
Following the successful listing of the Tesco Lotus Retail Growth Freehold and Leasehold Fund (TLGF) in March 2012, the Fund has today announced a proposal to invest in a further five additional Tesco Lotus-anchored shopping malls. This demonstrates the continued success of Tesco's strategy to release value from our international property portfolio.
The proposed expansion will bring the total number of assets in the Fund to 22 high-quality shopping malls, geographically diversified across Thailand. This proposal has today been approved by the Investment Committee of the TLGF and shall be proposed to the meeting of Unitholders for further consideration and approval. The meeting is scheduled for 5 October 2012.
Details related to the proposed offering, including the final number of new investment units offered, final offering price, the offering period and subscription details will be determined and publicly announced at later dates.
The distribution of this announcement may be restricted by law in certain jurisdictions. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.
This announcement is not an offer of securities for sale in the United States or elsewhere. The securities referred to herein are not being registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration. There will be no public offering of the securities referred to herein in the United States. Copies of this announcement are not being, and should not be, distributed in or sent into the United States, Canada, Japan or Australia.
Original source: Tesco
Sectors: Emerging markets, Retail
Companies: Tesco
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