Tesco Lotus to raise $240 million for asset acquisitions

Tesco Lotus The hypermarket operator has developed more than 1,000 stores in Thailand

Tesco’s Thai property fund is aiming to raise up to Bt7.5 billion $240 million to invest in five Tesco Lotus-anchored shopping malls. The deal will comprise the issuance up to 650 million new units to existing shareholders.

The five malls are located in Phuket, Salaya, Nakornsrithammarat, Rangsit Nakornnayok and Bangpoo. The acquisitions will bring Tesco Lotus Retail Growth Freehold and Leasehold Property Fund’s total number of assets to 22, it said in a statement on Monday.

At the time of the initial public offering in...