June 30, 2022

GPA (PCAR3) sells R$5.2 billion in stores in Assaí (ASAI3) and Real Estate Trust

Sao Paulo – GPA (PCAR3On Thursday (14) it reported that it has closed the sale of 71 trading points, installed in several states, to Assaí (ASAI3).

In accordance with the relevant fact, the transaction includes an estimated amount that the cumulative average of R$ 5.2 billion will receive, of which R$ 4 billion will be paid by Assaí, in installments, between December of this year and January 2024.

Transaction involving conversion of GPA-operated Extra Hiper stores to Cash & Carry (atacarejo), which will be managed by Assaí.

With the operation, the Extra Hiper logo will be discontinued and stores not covered by the transaction will be converted to formats with greater potential for profitability.

Also in accordance with the relevant fact, the transaction includes “real estate owned and leased by third parties, in addition to the relevant lease agreements, and may also include the purchase by Assaí of certain equipment in the stores”.

real estate fund

In addition, GPA has signed another memorandum with a real estate trust, with the intervention and guarantee of Assaí, regulating the sale of 17 properties owned by GPA.

In this case, the estimated sale price of these properties is R$1.2 billion, and the real estate fund will pay it to the cumulative rate. “Assaí’s guarantee consists of the obligation to pay the price of the real estate if the fund does not meet the agreed deadline,” he added.

At the same time, Assaí also signed another memorandum with the real estate fund regulating the lease, after the completion of the transaction, for the properties acquired by Fundo para Assaí, for a period of 20 years, renewable for the same period.

more profitability

For Jorge Faisal, CEO of GPA, “The transaction represents a unique opportunity to intensify focus and accelerate expansion of the company’s most profitable business across segments. excellent and proximity, particularly with the Pão de Açúcar, Minuto and Extra Market signage.”

According to the Executive, the initiative seeks to strengthen the GPA leadership position in retail and E-Commerce food in the country. In addition, the post-transaction GPA will represent a platform with high growth potential and low leverage.

Belmiro Gomez, CEO of Assaí, emphasized that the deal will allow for “significant acceleration of expansion along with enhanced results by transforming stores into exceptional commercial points, located in dense areas and with low overlap with the existing Assaí store platform.”

Of the more than 150 stores that have opened in the past decade, more than 25 have come from Extra Hiper, Gomez noted, “and these stores delivered rapid sales maturity and results above the company’s average.”

An unprecedented “Seven Secrets to Prosperity” course that combines teachings about quality of life and financial health. Make pre-registration free.