Adeo, parent company of Leroy Merlin belonging to the Mulliez family, sold the real estate of 42 stores in Europe for 500 million euros as part of a "rebalancing", confirms the family group Monday in Les Echos.
According to the newspaper which quotes a law firm, the assets sold for "more than 500 million euros" are located in France, Italy, Spain and Portugal and are "fully leased to the brands Leroy Merlin, Bricoman and Bricomart ".
The buyers are the Batipart real estate company and the Covéa mutual insurance group company, which respectively acquire 41% and 39% of the structure created for the acquisition of the premises, Adeo keeping 20%.
"This is a rebalancing between assets held directly and assets operated in leasing which concerns a very small part of our fleet. We remain mainly owners by holding 72% of the square meters that we operate", wrote to Les Echos the Mulliez Family Association (AFM), a galaxy at the head of other brands including Auchan (which announced the elimination of nearly 1.500 jobs in early September), Boulanger or Decathlon.
"We also continue to invest more than 800 million (euros) each year in new stores or expansions", specifies the AFM, which also affirms that the "operation has no connection with the policy compensation for our company's shareholders. "
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