UK retailer Tesco has sold its logistics bases near Budapest for €63m to WP Carey & Co in a sale and leaseback.
The deal for the facilities at Gyal and Herceghalom, which total 92,000 m2, is one of the largest real estate transactions this year in the region. The two are part of a portfolio of five assets in Hungary, Poland, the Czech Republic and Slovakia.
No yield has been disclosed but it is likely to reflect 8% because they are prime assets with a quality covenant.
Sources say that a 65,000 m2 facility in Poland is being sold to Deka. Another two remain unsold.
Cushman & Wakefield and King Sturge respectively advised Tesco and WP Carey.
