Gide, counsel to Casino Group on the sale of 26 hypermarket and supermarket properties worth EUR 501 million
13 March 2019
Deals | France | Real Estate Transactions & Financing
Following the agreements signed with funds managed by US-based Fortress Investment Group in January 2019, the Casino Group has announced that it has completed the sale of 13 Géant Casino, 3 Hyper Casino and 10 Casino Supermarket properties, valued at EUR 501 million. Casino has received EUR 392 million, thus achieving the initial target of EUR 1.5 billion in non-strategic asset disposals, set on 11 June 2018.
The Casino Group remains associated with the value creation of this transaction through a stake in the company incorporated by funds managed by Fortress Investment Group. In this context and depending on the company's performance, the Casino Group could receive up to an additional EUR 150 million in the next few years.
Gide's multidisciplinary team advising the Casino Group on all aspects of this transaction was headed by partner Stanislas Dwernicki, with counsel Romain d'Innocente and associates Rémi Avon and Chloé Bouhours on corporate aspects, counsel Elisa Bocianowska with associates Louis Delestrée, Capucine Pelissié and Lucas Gintz on real estate aspects, and partnerBertrand Jouanneau, with counsel Alexandre Bochu and associate Alan Sournac on tax aspects.
Clifford Chance advised Fortress on the transactional and partnership aspects of this transaction.