Tesco Lotus Property Fund Injection

RNS Number : 4207S

Tesco PLC

30 November 2012

 

News release

Friday 30th November 2012

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA

FIRST INJECTION INTO TESCO LOTUS PROPERTY FUND COMPLETES WITH STRONG DEMAND

The Tesco Lotus Retail Growth Freehold and Leasehold Property Fund (TLGF) today announced the successful completion of the first injection into the Fund following its listing earlier this year. The issuance raised THB 7.5bn (£152m), making TLGF Thailand's largest property fund by market capitalisation and net asset value.

The new investment units were priced at THB 13.30 (£0.27) per unit. The issuance attracted significant demand from existing unitholders, who subscribed to the full allocation of new investment units, with a subscription rate over 150% of the offering size excluding the sponsor's portion.

Laurie McIlwee, Tesco Plc's Chief Financial Officer said: "Following the successful listing of TLGF in March we are delighted that the first injection into the Fund has been so well received by investors. At the time of the IPO we set out a clear strategy to grow the Fund through investments like this, in line with Tesco's strategy to release value from our international property portfolio."

The distribution of this announcement may be restricted by law in certain jurisdictions. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This announcement is not an offer of securities for sale in the United States or elsewhere. The securities referred to herein are not being registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration. There will be no public offering of the securities referred to herein in the United States. Copies of this announcement are not being, and should not be, distributed in or sent into the United States, Canada, Japan or Australia.

Contact:

Investors:            Chris Griffith                                      [phone]

Media:                  Ian Hutchins                                       [phone]

                                Brunswick                                           +44 (0) 207   404 5959

Note to editors:

Exchange rate: £1 = THB49.2

 

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