French retailer Casino continues debt-cutting plan with property asset sale

FILE PHOTO: The logo "Le 4 Casino" is seen outside a high-tech store of supermarket retailer Casino in Paris, France, October 4, 2018. REUTERS/Philippe Wojazer/File Photo - Copyright Philippe Wojazer(Reuters)

By Reuters

Published on 18/10/2018 - 08:34•Updated 11/05/2024 - 05:16

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PARIS (Reuters) - French supermarket retailer Casino <CASP.PA> has agreed to sell a portfolio of real estate assets for 180 million euros (£158 million), as it continues an asset-sale programme to cut debts which have concerned some investors.

Casino signed an agreement with the firm AG2R la Mondiale on Wednesday for the disposal of 14 Monoprix real estate assets, for a net amount of 180 million euros and for an annual rent of 8.6 million euros. The proceeds from the disposal will be received no later than Jan. 2019, Casino said in a statement on Thursday.