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CASE STUDY: Tesco Lotus Retail Growth Freehold and Leasehold Property Fund (“TLGF”)


Key Information


TLGF Property Fund




CBRE was appointed for its IPO, additional fundraisings and financial reporting for the portfolio in its entirely.

Services Provided

TLGF is a retail-focused property fund backed by 23 Tesco Lotus hypermarkets in 18 locations across Thailand. It was the largest property fund at the time of its IPO in 2012. After the IPO, TLGF has required full annual reports to be used as the bases of NAV calculations.



Launched in 2012 as the largest property fund in Thailand managed by Krung Thai Asset Management Plc. (KTAM), TLGF invested in high-quality Tesco Lotus hypermarkets in various locations. CBRE was appointed for its IPO, additional fundraisings and financial reporting for the portfolio in its entirely.


  • For the IPO and additional fundraisings, CBRE worked with the fund manager, top international investment bankers and financial advisor to meet the client’s time frame.
  • Working with the fund manager, CBRE assisted in clarifying enquiries directly with the Securities and Exchange Commission of Thailand (SEC) and independent auditors, specifically on the material change in asset value and valuation rationales.
  • With continuous value-added activities, renovation and tenant replacement, CBRE has ensured that data used for valuation is up-to-date from the inspection and local market survey.



  • Initially appointed in 2011 to value 17 properties for the IPO, then reappointed for the 1st and 2nd additional fundraisings.
  • CBRE was appointed in 2013-2014 and 2017-2018 for whole portfolio valuation for financial reporting.
  • CBRE was selected by KTAM for another hotel portfolio valuation in 2016.

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