French retail giant Casino has announced the sale of a 9.8% stake in its property arm Mercialys through an equity swap with Crédit Agricole Corporate and Investment Bank. The transaction generated EUR 138 mln in cash for the group, Casino said in a statement.
French retail giant Casino has announced the sale of a 9.8% stake in its property arm Mercialys through an equity swap with Crédit Agricole Corporate and Investment Bank. The transaction generated EUR 138 mln in cash for the group, Casino said in a statement.
Casino's decision to reduce its interest in French REIT Mercialys was first announced in February this year, when the company said it would retain a maximum stake of 30-40%.
'The Group will remain a key partner of Mercialys, in which it now holds a 40.2% stake,' it said on Friday.
In March, Mercialys successfully issued its first bond this year by placing a seven-year facility with a coupon of 4.125%. The operation, which is part of Mercialys' strategy to inject some 40% of leverage into its business, allowed the company to raise EUR 650 mln, significantly exceeding the initial amount of EUR 500 mln.
