French retail giant Casino Group announced on Friday that it has agreed the sale of a real estate portfolio across France for a total of €735 mln.
The package, which is being bought by discount supermarket chain Aldi France, include three warehouses and 567 Leader Price stores in metropolitan France. The sales price includes a €35 mln earn-out, paid in the event of compliance with operational indicators during a transition period.
Following the deal, the transferred Leader Price stores will be operated under the Aldi banner.
The sale is part of Casino Group’s strategy to divest €4.5 bn of assets in France by the end of the first quarter of 2021 to cut debt and improve its financial position.