Retail property developer Central Pattana (CPN) has set up a JV with British retail giant Tesco to co-develop property in the Thai market.

The  Central Group subsidiary has told the Stock Exchange of Thailand (SET) that the new company, Synergistic Property Development, will support business expansion. It has registered capital of THB100,000 (US$3000) with ordinary share capital of 1000 shares at a par value of THB100 each.

CPN holds a 50 per cent stake in the JV company while the other 50 per cent belongs to Ek-Chai Distribution System, which runs Tesco Lotus hypermarkets in Thailand.

Details of the business model to be developed under the new company are under study, says CPN executive VP for marketing Nattakit Tangpoonsinthana.