£152m Thai fund for Tesco stores

A Tesco brand in Bangkok, Thailand. Picture: Getty
A Tesco brand in Bangkok, Thailand. Picture: Getty
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TESCO’S property fund in Thailand has raised 
£152 million to invest in five more shopping centres across the country.

Strong demand for the fundraising exercise meant the offer was heavily over-subscribed and the Tesco Lotus property fund is now the largest of its kind in Thailand in terms of market value.

The fund raised £379m on Thailand’s stock market in March – making it the biggest flotation since 2006 – to invest in 17 shopping centres containing Tesco Lotus supermarkets in cities including Bangkok.

Tesco, which is due to update the City on its trading performance next week, saw total sales in Thailand rise 14 per cent during the first half of the year, boosted by the opening of almost 150 convenience stores.