Groupe Casino Web Site - October 17, 2005
Groupe Casino, one of France's leading food retailers, is selling 13 warehouses for a total of €201.5 million to Mines de la Lucette. The 13 warehouses total 418,000 square metres and are located throughout France. Mines de la Lucette is 76.7%-owned by Morgan Stanley Real Estate Funds.
The sale price amounts to €201.5 million pre-tax, including €13.5 million in work to be financed by Mines de la Lucette over the period 2006-2014. Twelve of the thirteen warehouses are being leased back under commercial leases by Easydis, Groupe Casino’s wholly-owned logistics subsidiary. Most of the leases have an initial fixed term of no more than nine years.
The price obtained by Casino corresponds to a rent capitalisation rate of less than 7%. The sale will be completed during the first half of 2006.
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