French retailer Auchan has acquired the remaining 49 per cent stake that it did not already possess in retail property partnership Gallerie Commerciali Italia (GCI), according to PropertyEU.
The deal includes a portfolio of 46 retail galleries thought to be worth approximately €1bn.
Immochan, Auchan's property arm, revealed that it was taking full control of GCI's assets, which include 500,000m2 of gross lettable space shared between 2,100 stores.
Auchan stated that the deal would allow it to 'pursue its development in Italy', where it currently operates 51 Auchan hypermarkets and 1,700 supermarkets.
No comments yet