SCP Group acquires €1b Real hypermarket portfolio from Metro

London-based private investor SCP Group has agreed to buy the entirety of the Real supermarket portfolio from German wholesaler Metro for a price said to value the struggling business at around €1 bn.

Following the deal, SCP Group will become the sole owner of Real’s stationary retail business consisting of 276 stores, the digital business including the online marketplace real.de, 80 real estate properties and all of Real’s affiliated companies. All of the approximately 34,000 Real employees will be taken over with their current contracts under existing conditions.

SCP Group will be responsible for managing Real’s businesses and will rely on its strategic partner x+bricks Group to jointly oversee the repositioning of the real estate portfolio.

Metro said that it expects a net cash inflow of around €300 mln following closing of the transaction.

SCP Group and x+bricks Group plan to 'start a process defining viable concepts for the future of all Real locations', with a majority of the Real stores planned to be sold to other German retailers in separate transactions. SCP Group also plans to resell Real's digital business.

Marjorie Brabet-Friel, CEO of SCP Group, commented: 'Today, we have achieved an important milestone that will provide Real locations with the best available economically viable concept for the future. SCP Group and x+bricks Group combine a highly dedicated team with high retail and real estate expertise, the necessary funds as well as a long-term vision for Real and its locations. We are confident to find good individual solutions for most locations depending on local conditions.'

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