Casino to Sell 32 Store Properties for EUR470 Million

   By Anthony Shevlin 
 

Casino Guichard-Perrachon S.A. (CO.FR) said Monday that it has agreed to sell 32 store properties to funds managed by affiliates of Apollo Global Management LLC (APO).

The French retailer said the portfolio sale is worth 470 million euros ($528.7 million), of which EUR374 million will be received by the end of July.

The Apollo funds will create a special entity to acquire the portfolio in order to enhance its value and sell it on the market "under the best possible conditions," said Casino.

The retailer said it will get an interest in the new entity and, depending on its performance, Casino could net up to an additional EUR110 million in the next few years.

The deal is part of Casino's additional EUR1 billion of noncore asset disposals--to be completed by the first quarter of 2020--and more generally as part of the financial perspectives laid out by the company last month.

Write to Anthony Shevlin at [e-mail]; @anthony_shevlin

(END) Dow Jones Newswires

April 23, 2019 01:31 ET (05:31 GMT)

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