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HUNGARY-W.P. Carey is engaging in its first Hungarian sale-leaseback with local Tesco plc. The investment firm is providing €63 million, or $90 million, in long-term financing for a sale-leaseback of Tesco’s Hungarian logistics portfolio.

Tesco has been attempting to “release value from its property portfolio” according to a release. The third largest retailer in the world, Tesco is a British supermarket chain with 4,300 stores worldwide.

Reports say the Tesco has roughly 101 stores in Hungary. Tesco was repped by Cushman & Wakefield in the transaction. W.P. Carey was advised by King Sturge.

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