French supermarket retailer Casino, which is in the process of divesting assets to cut debts, said on Monday it would sell 26 stores worth €501 million in the first half of 2019.
Casino said it would sell 13 'Géant Casino' hypermarkets, three other hypermarkets and 10 Casino supermarkets to Fortress Investment Group.
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‘Located primarily outside of Paris in the Group's traditional French operating regions, the 26 properties represent €31.8 million in annual rent and offer an estimated yield of 5.9%, including transfer costs,’ the retailer said.
Casino will receive approximately 80% of the asset value less registration tax, i.e., €392 million, on completion of the transaction, which is scheduled for the first half of 2019.
‘After the success of this first step, the Group will continue to explore measures to further reduce its debt. It will also continue to improve the Group’s profitability and strengthen its financial profile,’ Casino added.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
