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Tesco and Samsung in $585M Korean Leaseback Deal

UK and SEOUL-The arrangement involves four of Tesco's Homeplus stores and related centers.

By David Phillips | Updated on January 05, 2014

UK and SEOUL-Tesco has completed a massive $584 million (£355m) leaseback deal in South Korea with the real estate fund manager Samsung SRA. The deal involves four stores and associated mall properties in Tesco’s wholly-owned subsidiary Homeplus arm.

“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 in a statement. Samsung is a real estate fund manager focused on commercial real estate in Korea and internationally. UK-based Tesco entered South Korea in 1999 in a joint venture with Samsung, the company stated. 

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