GPA transfers the property from the former Extra to the real estate trust

Grupo Pão de Açúcar (GPA) and Assaí Atacadista announced on Friday (25th) that they have signed a contract with real estate investment fund Barzel Properties to sell up to 17 GPA properties to the fund, in the amount of approximately R$1.2 billion. The agreement includes the subsequent lease of these properties to the cash chain and carryover for a period of 25 years, renewable for another 15 years.

According to a material fact from the two companies that have filed with the Securities and Exchange Commission (CVM), the transfer of GPA Trade Points to Assaí is progressing according to the announced schedule in mid-December 2021.

The sale of Extra hypermarket stores to Assaí was announced in October. At the time, a value of R$5.2 billion was disclosed in the process, which included 71 units to be converted into cash and carry form.

According to the companies reported yesterday, the operations of all stores involved in the deal have already been closed, as well as most of them moved to Asai. “It is expected that other commercial points will be allocated to Assaí by the end of the first quarter of 2022,” the statement said.

GPA has made it clear that it is starting 2022 with a leaner structure and “a focus on signage with the highest profitability and performance,” as well as accelerating the digital platform and converting other supermarkets the group maintains into Pão de Açúcar and Mercado Extra stores.

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Asai, in turn, said its expansion plan in 2022 foresees the opening of about 50 stores. Among them are 10 new (membership), with openings in the first half of this year. 40 transfers to the “cash and carry” (atacarejo) format must be completed in the second half of the year. The rest of the stores involved in business with GPA must be converted to the cash and carry model by the end of the first quarter of 2023.

Cash and Carry Chain also confirmed its forecast to reach a sales figure of R$100 billion and over 300 stores in operation by 2024. The figures include both the maturity date of units to be converted and the organic expansion of 50 new stores between 2022 and 2024.

Information from O Estado de S. Paulo newspaper.