Casino will sell 55 Monoprix retail sites. Credit: Damien Roué.

French retailer Casino Group has agreed to sell 55 real estate assets of its Monoprix chain for €565m ($651.53m) to an unnamed institutional investor.

This deal is a part of the retailer’s ongoing €1.5bn disposal plan, which involves non-core assets, including real estate assets.

The plan was announced in June this year and aims to enable the company to reduce its net debt and strengthen its liquidity position.

The Monoprix deal covers real estates of the supermarket chain, including 19 locations in Paris region. The transaction value also covers an annual rent of €27m ($31.13m).

According to the company, it will receive the proceeds from the acquisition no later than 27 December 2018.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
“Including the disposal of 15% of Mercialys via a TRS, the operations realised within the deleveraging plan amount to €778m to date.”

In a statement, the company said: “Including the disposal of 15% of Mercialys via a TRS, the operations realised within the deleveraging plan amount to €778m to date.”

“Moreover, Casino Group has already received additional indicative offers on other assets that are included in the disposal plan, which could materialise before the end of the year.”

“Continued good operational performance and the progressive roll-out of new profitability levers will enable Casino Group to improve its retail trading profit in France in 2019 at a similar pace to 2018, including the effects of additional rents.”

Based in France, Monoprix offers a range of food products along with beauty, fashion and home products across its stores.

The retailer currently operates 316 stores in France and globally across Tunisia, Mauritius, Libya, Qatar, Luxembourg, Lebanon and Martinique Island.