French retail company Casino is teaming up with the Whitehall funds, managed by Goldman Sachs, to develop shopping centres in Poland. Casino added that the new venture 'might be extended to other Eastern Europe' countries. Under the agreement, the Whitehall funds will finance 75% of the development costs of the joint company, for a minimum of EUR 500 mln of investment over the next five years. Meanwhile, Casino will hold the majority of the voting rights and receive between 65% and 70% of the development margin.
French retail company Casino is teaming up with the Whitehall funds, managed by Goldman Sachs, to develop shopping centres in Poland. Casino added that the new venture 'might be extended to other Eastern Europe' countries. Under the agreement, the Whitehall funds will finance 75% of the development costs of the joint company, for a minimum of EUR 500 mln of investment over the next five years. Meanwhile, Casino will hold the majority of the voting rights and receive between 65% and 70% of the development margin.
Casino said the move is aimed at optimising the value of its Polish real estate assets, as well as speeding up the pace of development of its commercial projects in Eastern Europe while limiting its investment to current levels. The first three projects, currently under development, will provide some 127,000 m2 of commercial space, the company said in a statement.
