Tesco Sells Its Department Store In Brno To British Developer
The Tesco department store next to the main railway station has been sold to the British chain developer Crestyl. Photo: RomanM82 via Wikimedia Commons
Brno, August 30 (BD) – The exact price of the transaction was not disclosed to the public. According to Aktuálně.cz, however, the amount ranges from 830 to 850 million crowns.
The building was built in the 80’s next to the main railway station. In the past, Tesco had plans to rebuild and expand it, which never happened.
The area around the department store is known as one of the ugliest part in the city.
“Our goal is to improve the overall environment of the department store, attract other tenants and revitalize it by opening new businesses,” Omar Koleilat, CEO of Crestyl commented.
“Further plans for the building will come out of the discussion with the city’s representatives and we will be able to report them within a year,” he added.
After the purchase of the department store Crestyl officially entered the Brno market. The company has built modern shopping centers in a few other Czech cities and is currently working on a big project with shops in the heart of Prague.
Tesco has already sold the department store in Pilsen and the shop will close down soon.
However, Tesco will rent its current space in Brno and it will continue to operate.