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Leroy Merlin's parent company sells the walls of 42 stores

2020-09-27T21:20:50.487Z

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



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 directly owned assets and leased assets which concerns a very small part of our fleet. We remain majority owners by holding 72% of the square meters that we operate ”

, wrote to Echos the Mulliez Family Association (AFM), a galaxy at the head of other brands including Auchan (which announced the elimination of nearly 1,500 positions at the beginning of 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. ”

Source: lefigaro

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