By Jeffrey T. Lewis

Atacadão, the Brazilian supermarket and hypermarket also known as Grupo Carrefour Brasil, said Monday that it has sold and leased back several properties as part of its strategy of boosting operation and financial efficiency.

The Brazilian company, which is 68% owned by Carrefour France, said it raised about 1 billion reais, the equivalent of $209 million, net of capital gains taxes and other fees, in a transaction that includes four distribution centers and five stores owned by Atacadão or its subsidiaries.

The leases are for 20-year terms, renewable for additional five-year terms, which ensures the continuity of operations, Atacadão said. Rent expenses related to the properties will total about BRL10 million per month, the company said.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

July 03, 2023 08:27 ET (12:27 GMT)

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