Hidden in the announcement yesterday by Tesco of the sale of Homeplus in Korea was a statement about the use of proceeds that included Tesco's intention to
'consider value accretive opportunities across the group including the selective purchase of some existing leasehold stores in the UK.'
It will be interesting to see whether such a policy will provide a cap on Tesco superstore yields. Theoretically, that should be the case, but the important question is at what yield level purchases are accretive to Tesco - perhaps a case of watch this space.