The local arm of British retail major Tesco has decided to reorganize its portfolio of real estate assets, reducing its core capital in the process. The reason behind the measure is yet to be clarified.
Tesco-Global Zrt is outsourcing several of its properties and merging operations into SKP Kft, which has been managing real estate estimated approximately Ft 200 million (about $1.15. million) This is standard practice for multinationals, as real estate tends to be sold at significantly higher prices if the buyer is Tesco. Six real estates will be outsourced in and around Budapest. The transaction will decrease Tesco's property portfolio by 4%. (NG)