Tesco Sells Stores in Hungary for EUR 63 Million, Then Rents Them Back

UK supermarket chain Tesco is selling its real estate in Hungary.

 

UK supermarket chain Tesco is selling its real estate in Hungary and renting it back as part of a global strategy to reduce the number of properties it owns, improving liquidity, the webpage of business daily Vilaggazdasag reported on July 29, citing Tesco global communications director Max Curtis.

Tesco is selling real estate in Europe and the US to American investment company WP Carey and Company, which will sign 15 to 20-year leases for the properties with Tesco.

Tesco has 95 stores in Hungary. Vilaggazdasag learnt that Tesco will sell the stores for a combined EUR 63 million (HUF 16.7 billion).

News Monitoring