Tesco has sold its Czech distribution centre and leased it back in a financial deal that the UK retailer says is part of an ongoing strategy to release value from its property portfolio.
Last week the retailer said it will expand further in the Czech Republic this year with the opening of a further 30 stores in the country.
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In the first half of 2010, Tesco has forecast the opening of 12 stores, to include four hypermarkets and eight other stores.
A spokesperson for the firm told just-food today (28 January) that the financing move will not affect distribution in the country and is part of its drive to expand in the country.
“It basically demonstrates that there is a strong appetite for Tesco property. So the distribution centre is not affected, it’s business as usual for staff and customers. These transactions aren’t uncommon,” the spokesperson said.
The distribution centre serves a number of stores in the country with a full range of Tesco products.
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By GlobalData
