Published: June 20, 2023 at 7:48 a.m. ET
By Jeffrey T. Lewis
SÃO PAULO–Companhia Brasileira de Distribuicao reached an agreement with a private investment fund to sell 11 of its supermarkets and lease the properties back.
The company, also known as Grupo Pao de Acucar or GPA, said Monday after the close that the agreement has a total value of 330 million reais, the equivalent of…
By Jeffrey T. Lewis
SÃO PAULO–Companhia Brasileira de Distribuicao reached an agreement with a private investment fund to sell 11 of its supermarkets and lease the properties back.
The company, also known as Grupo Pao de Acucar or GPA, said Monday after the close that the agreement has a total value of 330 million reais, the equivalent of $69 million. Eight of the stores will be leased for 15 years and the other three will be leased for 18 years, GPA said.
GPA said it will use the money generated by the agreement to reduce its debt and strengthen its capital structure. The company said it intends to continue the sale of certain non-core assets over the rest of this year and next year and to take other actions to improve margins and cut debt.
Write to Jeffrey T. Lewis at [email protected]