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Indebted Retailer Casino raises 565 million euros in property sales
Indebted Retailer Casino raises 565 million euros in property sales
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Indebted Retailer Casino raises 565 million euros in property sales

French Supermarket Group Casino said on Monday it had agreed to tell some properties of its Monoprix chain for 565 million euros to reduce debts that have worried investors and led to downgrades in its credit ratings.

The Monoprix deal, which involves the sale and leaseback of properties, follow the July sale of a 15% stake in Casino’s is now halfway to its goal of selling 1.5 billion euros in assets by early 2019.

Casinos share have tumbled roughly 30 percent in 2018 on concern about its debts while standards & poors and Moddy’s have both downgraded its credit ratings.

Casino said it had signed a deal with an unnamed  institutional investors to sell 55 properties connected to its  Monoprix supermarket arm, a major contributor to the company profits. Proceeds would be received by Lats Late December.

“Continued good operational performance And the progressive roll out of new profitability levers will enable Casino group to improve its retailing trade profit in France 2019, including the effects on traditional rents” it said.

Five banks granted a rallye a new 500 million euro credit line last month, while asset sales have also reduced Casino’s debts.

Casino reported net debts of around 5.4 billion euros during its interim result in July, while the company has a current market capitalization of around 4 billion euros.

Moddy’s estimated the value of ralley’s assets at about 2.2 billion euros compared with net debts of 2.9 billion euros.

 

 

 

 

 

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Caleb Jose

Caleb Jose

Caleb is based out of Kansas City and he is responsible for overseeing day-today processes of Casino Buzz. He takes care of the backend technology, along with being the main data collector and reporter for Casino Buzz. He can be reached out at cj@casino.buzz

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