Tesco divests Homeplus stores

British retailer Tesco has sold and leased back four Homeplus stores to Samsung SRA in South Korea.

Tesco has raised £355 million (US$581 million) from the sale, it says.

“This further demonstrates the underlying value of our operations in Korea and the attractiveness of our property and business to investors,” it said in a statement.

Tesco entered South Korea in 1999 in a joint venture with Samsung.

Homeplus, a wholly owned subsidiary of Tesco, has more than 550 stores in South Korea.

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