GlobeSt. com - New York - October 17, 2005
PARIS- French retailer Casino is selling 13 distribution warehouses to a fund controlled by Morgan Stanley for euros 201.5 million ($241.6 million).
A statement by Groupe Casino says that the warehouses, totaling 418,000 sq m, were being sold to Mines de la Lucette. Mines is 77% owned by Morgan Stanley Real Estate Funds. Twelve of the warehouses will be leased back by Easydis, Casino's wholly owned logistics company.
Casino, France's fifth-largest retailer and second-biggest quoted retailer after Carrefour, says the price obtained for the warehouses corresponds to a yield of less than 7%.
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