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Casino Sells Polish Assets for $1B

WARSAW-Guichard-Perrachon's distribution gives GE ownership of 19 Geant outlets, which will be let to German retailer Metro. The other assets go to Tesco.

By Anita Howarth | Updated on July 17, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

WARSAW-French retailer Casino Guichard-Perrachon is selling most of its Polish retail and property assets to Metro, Tesco and GE Real Estate for a combined euro 884 million ($1.1 billion). Separate statements by German based Metro and UK-based Tesco, two of Europe’s largest retailers, said they were strengthening their presence in Poland by buying out a French rival. Metro officials say they were buying the Geant brand activities of Casino for euro 224 million ($283 million). The deal covers Casino’s 19 Geant stores in Poland as well as seven more under construction or in planning. The firm is taking over the operations, but not the real estate. The purchase will lift the number of stores under Metro’s Real brand in Poland to 49 and strengthen its hypermarket business, officials say. The properties themselves are being sold to the General Electric unit for euro 555 million ($695.7 million).

Tesco has revealed separately the euro 72-million ($57-million) takeover of Casino’s Leader Price stores in Poland. The deal “will help Tesco grow its business in the highly fragmented and competitive Polish market,” firm officials said in a statement.

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