French retail giant Casino Group has agreed the sale of a real estate portfolio across France for a total of €735 million ($787 million) to Aldi, a Germany-based supermarket chain.
The portfolio consists of 567 Leader Price stores and three warehouses.
Casino has struggled in the competitive domestic French market. The sale of discount chain Leader Price marks the latest in a series of disposals by Casino as part of plans to cut debt and improve its financial position, reported Reuters.
With this agreement, the transferred Leader Price stores will develop under the Aldi banner and will benefit from the commercial dynamics of Aldi France.
Casino Group will remain the owner of the Leader Price brand in order to continue to operate it under certain conditions agreed with Aldi, in France and internationally.
