Tesco's Thai property fund raises 152m pounds

Tesco's property fund in Thailand, which floated in March, has raised 152m pounds to invest in a further five shopping malls in the country.

The Tesco Lotus Retail Growth Freehold and Leasehold Property Fund (TGLF) issued units at a price of 27p each to raise the cash. The offer was 150% over-subscribed.

Laurie McIlwee, Tesco Plc's Chief Financial Officer, said: "Following the successful listing of TLGF in March we are delighted that the first injection into the Fund has been so well received by investors.

"At the time of the initial public offering we set out a clear strategy to grow the Fund through investments like this, in line with 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.

CM