France's Groupe Casino has announced that it has completed the sale of 31 hypermarkets and supermarkets to companies associated with Apollo Global Management, a US-based private equity firm.
The value of the tranche of stores is €465 million, of which €327 million has already been received, Casino said in a statement.
The sale includes 12 Géant Casino properties, as well as 19 stores properties under the Monoprix and Casino Supermarkets banners. It follows a signing of an agreement between Casino and companies associated with Apollo Global Management in April of this year.
To date, Casino has received €327 million for the transfer of 30 assets, with an additional €14 million to be received within 12 months following the transfer of a further asset, which was postponed for 'technical reasons', the retailer said.
'Another asset had finally been excluded from the initial scope to be sold to a third party by the end of 2019, under the same conditions,' Casino added.
The group noted that it remains 'involved in the value creation' of the transaction through an interest in the company formed by funds managed by Apollo.
' In this context and depending on the company's performance, Casino Group may receive up to an additional €140 million in the coming years,' it noted.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.