Allen & Overy has advised a Thai property fund owned by British supermarket operator Tesco PLC on its initial public offering on the Stock Exchange of Thailand.
Tesco Lotus Retail Growth Freehold and Leasehold Property Fund raised $600 million in the offering. Tesco Lotus–originally a joint venture between Tesco and Bangkok conglomerate Charoen Pokphand Group, which sold most of its shares in 2003–operates hypermarkets in Thailand, Cambodia, and China. The listing will help the issuer fund its expansion in Thailand.
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