Hypermarket chain Tesco Lotus is to invest in five malls in Thailand in which it has anchor tenancies.

Following the successful listing of the Tesco Lotus Retail Growth Freehold and Leasehold Fund (TLGF) in March, the fund will invest in a further five shopping malls, continuing the retailer’s strategy of releasing value from its international property portfolio.

The move will take the total number of assets in the fund to 22 shopping malls in Thailand.

“These new assets are well performing, with proven track records and will start generating income for (the fund) from the first day, resulting in no dilution to investors,” it said in a statement.

The proposal has been approved by the investment committee of the TLGF and shall be proposed to the meeting of unitholders for further consideration and approval.

GB