Casino will sell 12 Géant Casino hypermarkets and 20 Monoprix and Casino supermarkets to Apollo. Credit: Groupe Casino.

French retailer Casino Group has entered an agreement with funds managed by affiliates of Apollo Global Management (The Apollo Funds) to sell 32 store properties for a total consideration of €470m ($529m).

The deal is part of Casino’s plans to dispose of an additional €1bn of non-core assets by the first quarter of 2020, and its financial perspectives announced on 14 March.

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As part of the transaction, Apollo Funds will pay €374m, approximately 80% of the value of the assets, to the French supermarket chain after closing the proposed transaction by the end of July. The transaction is currently subject to the provision of financing.

Based on the entity’s performance in the next few years, Apollo will offer up to €110m of the remaining deal value to Casino.

“Casino will gain an interest in the newly formed entity and benefit from the value created by the deal.”

The deal covers the sale of 12 Géant Casino hypermarkets and 20 Monoprix and Casino supermarkets.

According to Casino, the stores are located primarily outside of Paris and represent €26.6m in annual rent, including €14.2m from hypermarket assets and €12.4m from Monoprix and supermarket assets.

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Apollo Funds also intends to create a special-purpose vehicle to buy the assets, enhance their value and sell them under the best possible conditions.

Casino will gain an interest in the newly formed entity and benefit from the value created by the deal.

Earlier this month, the retailer signed unilateral purchase commitments to sell two Géant hypermarkets and two Leader Price stores for €24m ($27.14m) as it identified the four stores recording losses.

Last month, Casino closed the divestment of 26 hypermarkets and supermarkets properties to funds managed by Fortress Investment Group for €501m ($563.5m).