Tesco has set a price range for the initial public offering of its Tesco Lotus property fund in Thailand.

The company said that the IPO is expected to raise approximately THB18bn (US$593m), with a price range of THB9.65-10.40 per unit and expected total distribution of 6.5-7% per annum.

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Following the IPO, the Tesco Lotus Retail Growth Freehold and Leasehold Property Fund (TLGF) will be separately listed on the Stock Exchange of Thailand.

Tesco said that the fund will be the largest retail property fund in the country. TLGF will own 17 shopping malls: six in or around Bangkok, three in popular tourist destinations and eight in burgeoning cities.

Tesco Lotus will continue to be the anchor tenant of these properties, leasing hypermarket and food court areas.

“The proceeds will stay in Thailand and will be used to fund the further development of Tesco Lotus,” a spokesperson for Tesco told just-food.

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