French retailer Casino Group has concluded the sale of its three hypermarkets to the members of cooperative society and hypermarket chain Groupement E. Leclerc for €38m ($42.30m).
The three hypermarkets acquired are located outside Paris, in the towns of Castelnaudary, Anglet and Castres.
These acquisitions are part of a deal signed by Casino in January this year to sell six hypermarkets in France, for a total consideration of €100.5m ($114.40m).
The deal will help reduce losses incurred through the six stores, as well as contribute to the group’s growth.
According to the company, these hypermarket disposals are not part of the non-strategic assets disposal plan announced on 11 June 2018 and extended to €2.5bn on 14 March 2019. The remaining store disposals are continuing under the plan.
The group’s Géant hypermarket brand will also continue its transformation in agreement with its strategic priorities. It will concentrate on developing digital synergies, such as implementation of the Casino Max application and Cdiscount corners, and its organic offer expansion.
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The French supermarket chain signed unilateral purchase commitments, last month, to sell two Géant hypermarkets and two Leader Price stores, for a total consideration of €24m ($27.14m).
Casino Group also sold 26 hypermarkets and supermarket properties to funds managed by Fortress Investment Group for €501m ($563.5m), in March this year. This sale is part of plans to achieve €1.5bn in non-strategic asset sales to reduce its debt.