Sonae profits €55m with sale and leaseback operation

  • ECO News
  • 30 November 2018

Sonae MC locked €55m with a sale and leaseback operation with five different property assets connected to the food retail business.

Sonae just made €55m with a new sale and leaseback operation of five properties, the company told the Portuguese Market Regulator, CMVM.

Sonae SGPS, SA hereby announces that its subsidiary Sonae MC SGPS, SA concluded, today, the sale and leaseback transaction of 5 real estate assets dedicated to food retail located in Portugal. This transaction totalled 55.0 million euros and has generated an estimated capital gain of 25.3 million euros”, the press release showed.

The company, which is currently headed by Paulo Azevedo, who will be substituted next year by Cláudia Azevedo, announced that the transaction generated an estimated capital gain of €25.3m. Sonae also clarified that with “following this operation, Sonae MC SGPS SA’s freehold ownership is at 46%”.

This transaction is aligned with the company’s strategy concerning the monetization of its real estate assets while it maintains operational flexibility.