FRANCE: Casino to raise 565 million euros by offloading some real estate | Progresiv
The Casino Group has announced plans to sell some of its real estate assets, in a move that will net it 565 million euros. The sale is part of Casino’s ongoing strategy to lower its debt levels by divesting some assets. 
The retail giant said it has signed a “synallagmatic agreement with a major institutional investor”, covering 55 Monoprix real estate assets, 19 of which are in the Paris region. Once the deal is completed, Casino will pay an annual rent of 27 million euros for those stores.
The deal is likely to help slightly alleviate some of the pressure on Casino, which has been the target of analysts and short-sellers, who claim its debt levels are unsustainable and raised questions about the state of its finances.
The group noted that it has now raised 778 million euros to date via asset sales, adding that it has also received indicative offers on other assets, which could materialize before the end of the year. Casino also reiterated its full-year objectives, claiming its “continued good operational performance and the progressive roll-out of new profitability levers” will help retail trading profit in France grow at a similar pace as last year. (www.kamcity.com)
