Auchan's property unit sells Italian assets
PARIS Oct 4 (Reuters) - French retailer Auchan is selling a portfolio of 13 shopping malls and two retail parks in Italy worth 635 million euros to an investment fund managed by Morgan Stanley SGR, it said on Friday, aiming to raise cash to speed up its expansion.
The assets covering close to 200,000 square metres and located in Turin, Cuneo, Mazzano, Vicenza, Padua, Ancona, Senigallia, Porto S Elpidio, Grottommare, Pescara, Giugliano and Catania were until now owned by Gallerie Commerciali Italia (CGI), a wholly-owned unit of Immochan, Auchan's property arm.
Under the deal, whose financial terms were not disclosed, CGI will keep a minority stake in the fund, the statement said.
Immochan, which already sold over 900 million euros worth of assets this year, has plans to spend over 2 billion euros over three years to accelerate its development.
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