Tesco has completed the sale and leaseback of several Homeplus stores in South Korea, netting the retailer around GBP300m (US$476m).

Tesco said yesterday (23 August) that it has successfully concluded the deal with IGIS Asset Management, a local retail property investment consortium.

The UK-based retailer has sold and leased back the property housing four Homeplus stores and accompanying mall space. “This announcement highlights the continued success of Tesco’s strategy to release value from our international property portfolio,” said Tesco.

Homeplus in South Korea is Tesco’s most successful international business, with sales of around GBP5bn in its last fiscal year. Homeplus has more than 450 stores in South Korea and employs over 27,000 people.