Freeman European News / AFX - December 07, 2005
Metro AG said it has sold 53 properties of its Praktiker home improvement chain to a real estate fund managed by IXIS AEW Europe. It divested 35 stand-alone locations in Germany, including the Praktiker headquarters in Kirkel, eight stores in Greece and 10 in Hungary. It said the sale as well as last month's Praktiker initial public offering resulted in total cash proceeds of around 840 mln eur. Industry sources said the properties were sold for around 480 mln eur. The deal is subject to antitrust approval
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