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French Grocer In Mega Sale-Leaseback

Large sale-leaseback transactions continue to gain traction in Europe. The latest example includes two deals that will garner about 650 million euros or approximately US$926 million for a French grocer.

By Michelle Napoli | Updated on November 06, 2007

Michelle Napoli is editor of Net Lease forum, from which this article is excerpted.

Paris—Large sale-leaseback transactions continue to gain traction in Europe. The latest examples include two deals that will garner about 650 million euros or approximately US$926 million for French grocer Casino Guichard-Perrachon & Cie.

In one part of its capital-unlocking strategy, Casino will sell or otherwise transfer 255 urban and semi-urban superette and supermarket properties throughout France to a new entity, AEW Immocommercial. French securities regulators recently authorized AEW Immocommercial and four other companies to operate as OPCIs, property investment mutual funds. A group of institutional investors–including Caisse des Depots et Consignations, Cardif (a BNP Paribas subsidiary), Predica (a subsidiary of Credit Agricole Group), Fonciere Ecureuil 2 (an affiliate of Groupe Caisse d’Epargne) and the Union Mutualiste Retraite–have committed capital to AEW Immocommercial, which will be managed by AEW Europe. Casino will be among its investors as well, holding a 10% to 18% stake.

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