French retailer Casino sells stores to Apollo Global

Casino, the French retailer, has sold a portfolio of 32 stores to private equity group Apollo Global Management for €470m, the latest deal in an ongoing asset disposal plan as Casino seeks to shore up its financial position and reassure investors. Casino said in a statement on Monday that the portfolio of stores is made up of 12 Géant Casino hypermarkets and 20 Monoprix and Casino supermarkets properties, located primarily outside of Paris. It expects to receive €374m from the sale by the end of July when the transaction is due to close. Apollo will create a special purpose vehicle to acquire Casino’s real estate portfolio and Casino will receive an interest in this new entity.