Tesco has acquired 36 Homever stores in South Korea from the E-Land Group for £958m including existing debt.

The Homever stores, most of which were formerly Carrefour hypermarkets, have a total sales area of three million square feet, plus a further 1.3 million square feet of adjacent shopping mall space.

Tesco said it planned to convert the stores to its Homeplus format over the next 12 months.

“This acquisition of high quality assets is an important strategic move, which will allow us to accelerate our growth in this key market and deliver a much stronger offer for customers as we convert the stores to Homeplus,” added Tesco CEO Terry Leahy.