Tesco’s £370m Thai fund plan

Supermarket chain Tesco is hoping to raise £370 million by floating its portfolio of property in Thailand.

The world’s third-largest retailer will use the proceeds from yesterday’s initial public offering to finance expansion in Thailand, where it trades as Tesco Lotus.

The property fund is made up of 17 shopping centres anchored by Tesco Lotus hypermarkets in cities including Bangkok and tourist destinations such as Krabi.

Tesco Lotus chief executive Chris Bush said the fund was in a good position to capitalise on the steady growth of the Thai economy.