Casino Group has announced it has entered into a binding agreement with real estate firm Icade to sell a portfolio of properties in 11 locations.
The portfolio, which consists of car parks, undeveloped land, premises and ancillary lots adjoining third-party operated stores, is valued at €50 million, with all locations boasting conversion potential, according to the retailer.
In addition to the sale, Casino and Icade have signed agreements under which Casino Immobilier will manage some of this portfolio for a period of four years, as well as offering Casino the opportunity to potentially acquire a stake in certain firms that will manage Icade’s property development projects.
'Expansion Opportunities'
“This transaction is in line with Casino Group’s Renouveau 2028 strategy," commented Stéphanie Zolesio, chair of Casino Immobilier. "In the short term, the sale will serve the group’s strategy of disposing of non-strategic real estate assets in order to further reduce its debt, while accelerating, in the medium term, expansion opportunities for our brands and enhancing the value of our locations through future projects.
"As such, our real estate subsidiary continues to make its value-creating expertise available to local authorities and partners with whom we share commitments to sustainable, value-creating urban projects, as in the case with Icade."
Financial Debt
The French retailer said that the deal will 'notably reduce' its financial debt, particularly with regard to the bondholders of its Quatrim subsidiary.
For Icade, meanwhile, the deal forms part of its ReShapE strategic plan, under which it plans to convert these sites into mixed-use neighbourhoods through its Ville En Vue solution.
The deal is expected to close in the first half of 2025.
