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France's Casino completes €501M properties sale, hits €1.5B asset disposal goal

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France's Casino completes €501M properties sale, hits €1.5B asset disposal goal

Casino Guichard-Perrachon Société Anonyme said March 11 that it completed the sale of 26 hypermarket and supermarket properties worth €501 million to Fortress Investment Group LLC and that the company has achieved its planned €1.5 billion in asset disposals.

The French supermarket chain has so far received €392 million from the transaction after selling 13 Géant Casino hypermarkets, three hypermarkets and 10 supermarkets to the New York-based asset manager.

In June 2018, Casino Group announced its plan to sell €1.5 billion in "non-core assets" in a bid to cut its debt in France by 2019-end.

Casino Group also said in the release that it may receive up to an additional €150 million in the next few years from its stake in the company incorporated by funds managed by Fortress, depending on the entity's performance after the transaction's completion.

The company added that it will continue to explore measures to further reduce debt and improve its profitability.