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France's Casino completes sale of 31 properties for €465M

Casino Guichard-Perrachon SA said Oct. 16 that it completed the sale of 31 hypermarkets and supermarket properties to funds managed by affiliates of Apollo Global Management Inc. in transactions worth a combined €465 million.

The sale comes as Casino undergoes a series of asset disposals. In August, the company's board approved €2 billion worth of new asset disposals in France following the €2.5 billion worth of sales Casino projected under the first phase of its disposal plan by the first quarter of 2020.

Casino said it already received €327 million from the sale of 12 Géant Casino properties and 19 stores properties under the Monoprix and Casino Supermarkets brands to Apollo affiliates.

The French retailer initially agreed to sell 32 properties for €470 million when it announced the deal in April, but Casino most recently said "another asset had finally been excluded from the initial scope to be sold to a third party by the end of 2019, under the same conditions."

Casino said it may receive up to an addition €140 million in the coming years, depending on the performance of the company.