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BRIEF-Russia's Lenta says to buy three new stores from O'Key
September 1, 2015 / 11:13 AM / 2 years ago

BRIEF-Russia's Lenta says to buy three new stores from O'Key

Sept 1 (Reuters) - Lenta Ltd says:

* Signed a purchase agreement with O‘Key Group to acquire three new stores and three land plots;

* The three stores purchased will become Lenta Standard format hypermarkets. Two of the stores are located in Chelyabinsk and one in Volgograd and are expected to open in 2015;

* 2015 store opening guidance upgraded to at least 28 new hypermarkets from at least 25 hypermarkets seen earlier;

* The additional land plots are located in Chelyabinsk, Omsk and Taganrog and Lenta expects to construct new hypermarkets on each of these plots in 2016-17.

* The transaction will be funded from existing cash resources, will not require additional financing;

* Lenta expects to further increase hypermarket openings in 2016 to exceed the 31 hypermarkets opened in 2014 and to maintain a similar or higher pace of expansion thereafter. Source text for Eikon: Further company coverage: (Moscow Newsroom)

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