Metro has received a new, higher bid for its Real supermarkets from X+bricks and SCP Group. The wholesale company had been in exclusive negotiations with a syndicate headed by real estate player Redos for some time.
500 million
The new bid is said to be “significantly higher” than what Redos was prepared to offer, although the exact amount is not known. Redos valued the Metro subsidiary at about one billion euros, offering half a billion euros cash while Metro would retain a 24.9 % interest.
X+bricks is a real estate investor, focusing on food retail in Germany, such as supermarkets, discounters and neighbourhood stores. SCP Group was founded in 2009 and manages 70,000 sqm of commercial real estate in Europe and Russia. Both are exclusive partners of Kaufland.
Redos wanted to sell a number of Real outlets in case of a deal, but that’s becoming quite a bit harder now. Metro has already responded and still hopes to reach an agreement with Redos. The company did confirm that it is keeping in touch with x+bricks.
