Groupe Casino has signed a binding agreement with Tikehau Capital for the sale, in the second half of 2024, of a portfolio of 30 real estate assets.
The deal encompasses hypermarket and supermarket premises leased to the Casino, Intermarché, Carrefour, and Auchan banners, as well as ancillary lots within these real estate complexes, some with real estate development potential, the French retailer said in a statement.
The sale price is to be paid in several instalments, with over €200 million to be received on the sale date scheduled for the second half of 2024, and subsequent earn-outs to be received in the future.
Agreements have also been signed to entrust the Casino Group with the property management of this portfolio for a period of five years, the retailer added. This transaction will reduce Groupe Casino's financial debt to the bondholders of its subsidiary Quatrim.
Codim 2 Sale
Last month, Casino entered into an agreement with Rocca Group and Auchan Retail France for the sale of Codim 2, which operates four hypermarkets, nine supermarkets, three cash-and-carry outlets, and two drive-throughs in Corsica, France.
Property firm Rocca Group has agreed to take over all the stores, as well as all store and head-office employees.
The new leadership of Casino will detail its strategy plan to revive the troubled French food retailer towards the end of the year, CEO Philippe Palazzi has said.
"We are currently working on a plan to boost value," Palazzi said in June, adding that the detailed plan would be unveiled "at the end of the year."
