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Report: Steinhoff plans to sell €400M of European assets

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Report: Steinhoff plans to sell €400M of European assets

Steinhoff International Holdings NV plans to sell a portfolio of European properties valued at roughly €400 million to raise funds amid its debt restructuring initiative, Bloomberg News reported, citing people familiar with the matter.

The sources said the South African home furnishing retailer appointed Eastdil Secured LLC as adviser for the sale of the properties, comprising office buildings, warehouses and production sites in the different parts of Europe, including the U.K., Germany, Poland and Hungary.

The company has started to market its properties after its creditors agreed to postpone its debt payments, according to the March 14 report. In October 2018, real estate assets owned by its French furniture chain, Conforama Holding SA, were placed on the market with a reported €800 million price tag to raise cash.

Steinhoff and Eastdil representatives declined to comment, the report added.