October 1, 2018 / 5:44 AM / 2 months ago

Debt-ridden retailer Casino agrees to sell some property assets for 565 mln euros

PARIS, Oct 1 (Reuters) - Casino has agreed to sell some property assets for 565 million euros ($655 million), as the French supermarket retailer looks to reduce its debts, given concerns among some investors over its financial position.

Casino said on Monday that it had signed an agreement with an un-named institutional investor for the disposal of 55 Monoprix real estate assets. Casino also said it would get the proceeds from the sale by late December.

“Casino Group confirms all of its 2018 objectives,” the company said in a statement.

“Continued good operational performance and the progressive roll-out of new profitability levers will enable Casino Group to improve its retail trading profit in France in 2019 at a similar pace to 2018, including the effects of additional rents,” it added.

Last month, Casino said it had rejected a tie-up approach from larger rival Carrefour - something that Carrefour denied ever making. ($1 = 0.8624 euros) (Reporting by Sudip Kar-Gupta; Editing by Bate Felix)

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