Groupe Casino has announced that it has finalised the sale of 26 retail assets for a net selling price of more than €200 million, excluding subsequent earn-outs.
The announcement follows the signing of an agreement with French investment group Tikehau Capital in June 2024, which covered a portfolio of 30 property assets owned by Casino.
The Monoprix and Franprix owner noted that the sale of the remaining assets, as provided for in the agreement, will be finalised in the coming weeks, subsequent to the usual market conditions.
Portfolio Structure
The overall portfolio comprises a number of hypermarket and supermarket premises, which are currently leased to Casino, Intermarché, Carrefour and Auchan, as well as ancillary lots within these property complexes, some of which offer development potential, the retailer added.
As per the terms of the agreement, Tikehau Capital has entrusted Casino Group with the property management of these assets for a period of five years.
The net proceeds from the sale of these assets will be used to reduce financial debt levels at Casino vis-à-vis the bondholders of its subsidiary, Quatrim, the retailer noted. Transactions undertaken in the third quarter of 2024 will enable the repayment of around €206 million to the bondholders.
Aura Retail Alliance
Earlier this week, Groupe Casino announced that it, along with fellow French retailers Intermarché and Auchan, had signed a new buying partnership – the Aura Retail Alliance.
The alliance consists of five operational structures built around purchasing partnerships between the three groups and will operate for a period of ten years.
