Russian retail chain Lenta has purchased 22 supermarkets in Siberia from local grocer The Holiday Group.
Financial details were not disclosed.
'This transaction will significantly strengthen our network in Siberia, giving many more customers the opportunity to shop at a Lenta store close to their homes. We currently operate 36 hypermarkets and 4 supermarkets across Siberia, served by our distribution centre in Novosibirsk,' commented Lenta's CEO Jan Dunning. 'While Lenta remains primarily focused on organic expansion, we are happy to supplement this by acquiring high quality existing stores when suitable opportunities arise.'
The average store size is 800 m2, creating a portfolio of around 18,000 m2. According to Lenta, the assets are compatible with Lenta's stores in terms of size and layout.
The stores will be temporarily closed for refurbishment and rebranding, with all works expected to be completed by end March 2018. The ownership of the stores are expected to transfer before the end of 2017.
'We have a strong track record of successful integration and look forward to welcoming former Holiday store employees into the Lenta family. The stores will be refurbished and rebranded over the next few months,' concluded Dunning.
