Home improvement retailer Mr Bricolage said on Thursday that it has sold a 95% stake in its property division L'Immobiliere Mr Bricolage to Icade Foncière des Pimonts. The deal values the property assets at just under EUR 89 mln. The move comes follows the launch of a joint venture with Icade in 2005 regarding the management of the retailer's property portfolio, Mr Bricolage said. The assets were transferred to Icade, part of the French Caisse des dépôts banking group, on 1 January.
Home improvement retailer Mr Bricolage said on Thursday that it has sold a 95% stake in its property division L'Immobiliere Mr Bricolage to Icade Foncière des Pimonts. The deal values the property assets at just under EUR 89 mln. The move comes follows the launch of a joint venture with Icade in 2005 regarding the management of the retailer's property portfolio, Mr Bricolage said. The assets were transferred to Icade, part of the French Caisse des dépôts banking group, on 1 January.
Mr Bricolage's property subsidiary owns forty retail warehouses across France valued at a total of EUR 90 mln. The sale will allow Mr Bricolage to focus on its core business and improve the management of the properties, the French DIY group said in a statement. Mr Bricolage will book a net gain of EUR 14 mln on the disposal.
Since its foundation in 1999, Groupe Mr Bricolage's turnover has grown to reach EUR 1.8 bn in 2006.
