Russian food retailer X5 Retail Group has agreed to buy the Korzinka retail chain of 22 stores for $115 mln (EUR 80 mln), including debt. X5 said 15 of Korzinka's stores will be integrated into its discount format and six into the supermarket format while one store will be added to its hypermarket network. The total area of the Korzinka outlets is 38,007 m2, X5 noted, of which 12,352 m[sup]2[/sup] are owned, while the average lease length for the remaining space is 10 years. The net selling space represented by the outlets is 19,966 m[sup]2[/sup].
Russian food retailer X5 Retail Group has agreed to buy the Korzinka retail chain of 22 stores for $115 mln (EUR 80 mln), including debt. X5 said 15 of Korzinka's stores will be integrated into its discount format and six into the supermarket format while one store will be added to its hypermarket network. The total area of the Korzinka outlets is 38,007 m2, X5 noted, of which 12,352 m2 are owned, while the average lease length for the remaining space is 10 years. The net selling space represented by the outlets is 19,966 m2.
Korzinka, a fast-growing retail chain in Russia's Lipetsk region, is expected to post sales of $190 mln, excluding VAT, for 2007. X5 Retail Group, whose stock is listed in London, is Russia's largest food retailer in terms of sales.
