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January 23, 2019updated 05 Nov 2021 5:51am

Casino Group to sell 26 stores to Fortress Investment Group

French supermarket retailer Casino Group has reached an agreement to sell 26 hypermarkets and supermarkets properties worth €501m ($569.65m) to funds managed by Fortress Investment Group.

French supermarket retailer Casino Group has reached an agreement to sell 26 hypermarkets and supermarkets properties worth €501m ($569.65m) to funds managed by Fortress Investment Group.

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The proposed sale is part of the Casino Group’s target set out in June last year to achieve €1.5bn in non-strategic asset sales to reduce its debt.

The assets to be sold include 13 Géant Casino hypermarkets, three Casino hypermarket and ten Casino supermarket properties located primarily outside of Paris in the group’s traditional French operating regions.

Fortress Investment will pay €392m upon completion of the transaction in the first half of this year.

The remaining €150m is linked to the entity’s performance and is expected to be paid in the next few years.

“Casino Group noted that it will continue to explore further steps to reduce its debt, improve its profitability, as well as strengthen its financial profile.”

Funds managed by Fortress Investment Group will set up a new entity to purchase and manage the portfolio.

The new entity is aimed at increasing the value of the portfolio and pursuing the sale on the market under optimum conditions.

The agreement also allows the Casino Group to receive a stake in the entity.

Casino Group noted that it will continue to explore further steps to reduce its debt, improve its profitability, as well as strengthen its financial profile.

Last week, Casino Group agreed to sell six hypermarkets located outside the Paris region to Groupement E Leclerc in a deal valued at €100.5m.

The company’s full-year 2018 net sales stood at €36.6bn, while net sales for the fourth quarter increased to €9.9bn.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.