Groupe Casino has announced that it has completed the sale of a portfolio of 26 hypermarkets and supermarkets to Fortress Investment Group.
The value of the portfolio is €501 million, of which €392 million has already been received. The agreement to sell the stores to Fortress was announced in January.
The portfolio includes 13 Géant Casino hypermarkets, three Hyper Casino outlets and 10 Supermarkets Casino stores.
Groupe Casino said that through the sale, it has achieved its initial target of €1.5 billion in non-strategic asset disposals, which it set in June 2018.
‘The Casino Group also remains associated to the value creation of this transaction through a stake in the company incorporated by funds managed by Fortress Investment Group,’ the retailer said in a statement.
‘In this context and depending on the company's performance, the Casino Group could receive up to an additional €150 million in the next few years.’
Casino said that it will continue to explore measures to further reduce its debt, as well as looking at measures to reduce its debt. It also plans to continue to improve its profitability and strengthen its financial profile.
© 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.