Tesco completed the sale of the Letňany shopping center on the northern outskirts of Prague to a German investor represented by a fund managed by Union Institutional Investment. The price of the transaction was not disclosed. CBRE Global Investors are asset managers. The Letňany shopping center is the largest in the Czech Republic. It stretches across 125,000 sqm, cut into 200 units. The deal still needs to be approved by the Antimonopoly Office. Tesco will continue to operate its hypermarket in Letňany on a long-term lease. Tesco was represented by Cushman & Wakefield in the transaction, and appointed Wilson & Partners to handle legal matters. The buyer was represented by CBRE. The consultancy foresees volume of transacted commercial property will set a new record as it will surpass €3bn in 2016.
