Casino Guichard-Perrachon Reaches Deal to Sell 32 Properties in France
23 Avril 2019 - 12:11AM
Dow Jones News
By Maria Armental
French supermarket company Casino Guichard-Perrachon SA agreed
to sell 12 Géant Casino hypermarkets and 20 Monoprix and Casino
supermarkets properties for about €374 million ($421 million).
The deal for the 32 properties, which are largely located
outside of Paris, is expected to close by the end of July and is
part of the Casino Group's push to shed money-losing
properties.
Casino Group initially targeted about €1 billion in sales and
later raised that target to at least €2.5 billion by the first
quarter of 2020.
On Monday, the company affirmed its target of 10% growth in
trading profit, which excludes property development, for its retail
business in France.
Under the terms of the latest deal, funds managed by Apollo
Global Management LLC's affiliates would create a special-purpose
vehicle to acquire the portfolio and later sell it.
The Casino Group could receive up to €110 million more based on
the investment vehicle meeting certain performance targets.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 22, 2019 17:56 ET (21:56 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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