LEADCREST BUYS SEVEN CASINO SUPERMARKETS IN SALE-LEASEBACK DEAL

LeadCrest Capital Partners, a sale-leaseback investor, has spent €70 million to purchase a string of supermarkets in France.

The deal, which comes two years after Paris-headquartered LeadCrest was founded, sees the seven properties leased to two subsidiaries of Casino, the French supermarket group.

The portfolio of 33,500 square meters acquired by LeadCrest consists of six properties bought now, and a seventh that has been forward purchased, with completion set for the final quarter of this year.

In a statement reported by property industry media, the supermarkets involved were described as being mostly in and around Paris and in southern France, all in areas where populations are increasing.

The seven properties have been leased to two of Casino Guichard-Perrachon subsidiaries, namely Distribution Casino France and Monoprix Exploitation.

“The newly formed partnership with the Casino Group is perfectly aligned with our company’s strategy to offer an alternative financing solution to companies who seek growth via innovation in a resilient market,” LeadCrest’s portfolio manager, Georges Asmar, said in the statement.

He said the deal indicated that sale-leaseback was “an effective post-Covid financing alternative” for the company’s partners.

LeadCrest was formed in 2019 with the aim of focusing on what was described at the time as Europe’s “untapped” sale-leaseback market, with office, retail, industrial and other properties targeted.

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