Tesco Lotus seeks $442 million from public investors

The Thai unit of UK supermarket chain Tesco has set the terms for the initial public offering of a property fund that will include 17 malls anchored by Tesco Lotus stores. The management will start to meet domestic investors today and an international roadshow will follow next week.

The fund, which is named Tesco Lotus Retail Growth Freehold and Leasehold Property Fund, will aim to raise between Bt12.8 billion and Bt13.8 billion $410 million to $442 million by selling 75% of its 1.77 billion units to public investors. One-third of that will be targeted at international accounts, one-third to domestic institutions and one-third to Thai retail investors. All the units...