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French retailer Casino divests France HQ in €101M sale and leaseback deal

French retailer Casino Guichard-Perrachon SA signed a €101.3 million deal with developer DCB International Sarl to sell and lease back its headquarters in Saint-Etienne in France, Property Investor Europe reported.

Casino will occupy the 40,000-square-meter property for 12 years under the agreement, the report added.

DCB partnered with developer 6ème Sens Immobilier SAS and investors Novali and Cepral Cepral Participations to buy the property, and Caisse d'Épargne et de Prévoyance de Rhône Alpes provided financing, according to the report.

In June, Casino announced that it would sell €1.5 billion of assets, including real estate, as part of its plan to reduce its debt by about €1 billion by end of 2018.