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Deal snapshot: SCHRODER EURO SELLS STAKE IN FRENCH RETAIL ASSETS.

MANews-(C)2009-2018

French retailer Casino Group has exercised a buy-back option on UK-based property investor Schroder European Real Estate Investment Trust plc's (LSE: SERE) 70% share in two retail assets in France, SERE said.

The sale price reflects a 10% premium to current valuation. SERE acquired the grocery retail assets, in Biarritz and Anglet, in June 2016 by way of a joint venture, acquiring 70% of the investments and the vendor Mercialys, a subsidiary of Casino Group, retaining a 30% interest. The sale price of SERE's 70% interest equates to EUR 44.8m (USD 55.55m).

Country: France

Sector: Construction/Real Estate

Target: 70% share in two grocery retail assets, in Biarritz and Anglet

Buyer: Casino Group

Vendor: Schroder European Real Estate Investment Trust

Deal size in USD: 55.55m

Type: Divestment

Financing: Cash

Status: Closed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Date:Feb 7, 2018
Words:140
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