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Fotex signs Tesco lease contract

Furniture retail chain Domus Rt, a member of the Fotex group, has signed a long-term lease deal for six of its stores with retail chain Tesco Global Stores Zrt, Portfolio.hu reported citing unnamed sources.

 

Tesco originally intended to lease only the ground floor of the six units, but the final deal is for the entire buildings, Portfolio said. The company will use the ground floor of the stores and sublease the extra levels to other retailers. Tesco has nine stores in and around Budapest and 48 nationwide.

 

Fotex increased its stake in Domus to 97.2% in February through a public buyout offer. The holding group is phasing out unprofitable furniture production and plans to let out all 20 properties of Domus in the long run.