Tesco sells off My in Prague

Tesco has completed the sale of its department store in central Prague. Formerly known as Máj, it currently trades under the homonym My and has been acquired by Amadeus Real. The new owner is planning a general reconstruction of the building that's scheduled to begin in the second half of 2020 and continue for two years, according to Idnes.cz. According to a valuation by NSG Morison made public by Tesco, the property has a value of CZK 171m including all liabilities. It's owned by the Department store Praha, a company which Amadeus Real took possession of through the deal. Tesco, which has been liquidating properties all over the country, will continue to operate its grocery store in the basement of the former Maj building, originally constructed in 1975.