French retail company Casino said it has reached an agreement on the sale of a portfolio of retail properties to its AEW Immocommercial property investment mutual fund vehicle. In addition, four Casino supermarket properties will be sold to an unnamed business partner.
French retail company Casino said it has reached an agreement on the sale of a portfolio of retail properties to its AEW Immocommercial property investment mutual fund vehicle. In addition, four Casino supermarket properties will be sold to an unnamed business partner.
These transactions will provide the group with nearly EUR 100 mln in proceeds this year.
The company said the deals are in line with its strategy to unlock the capital tied up in its food store properties that no longer offer strong development potential.
The portfolio consists of 42 Casino supermarkets, grocery stores, as well as Franprix and Leader Price store properties. The stores will continue to be operated under long-term, variable-rent leases based on a percentage of revenue, Casino said. The transaction is expected to complete by the end of the year.
