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Tesco Plc - Tesco agrees to sell its 20% share in Gain Land

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Tesco PLC

Tesco agrees to sell its 20% share in Gain Land to its JV partner China Resources Holdings

Tesco PLC ("Tesco") today announces the sale of its 20% share in Gain Land to a subsidiary of its joint venture partner, China Resources Holdings ("CRH").  Gain Land is the Chinese joint venture with CRH that was established in 2014.  The disposal will result in net cash proceeds to Tesco of c.£275m which will be used for general corporate purposes.

The disposal allows Tesco to further simplify and focus the business on its core operations.

The transaction will complete on 28 February 2020. There are no conditions to closing or regulatory approvals required.