Casino to Release Funds From International Real-Estate Assetsby
French supermarket operator Casino Guichard-Perrachon SA plans to sell some of its real estate in Thailand and Colombia as it seeks to cut debt by more than 2 billion euros ($2.2 billion) next year.
The project, which includes selling operations in Vietnam, “will create value for all shareholders” and “significantly improve” Casino’s financial structure, the Saint-Etienne, France-based company said Tuesday after European markets closed.
Casino is seeking to raise money from operations outside of France, and shift debt away from its domestic business. A sale of Latin American supermarket assets announced in July raised about 1.7 billion euros ($1.9 billion).
“It’s too early to say” what the structure of the real-estate transactions will be, Chief Financial Officer Antoine Giscard D’Estaing said on a conference call.