X+Bricks increases bid on Real-hypermarkets

Property investor X+Bricks has increased its bid on German retail chain Real, but its owner Metro maintains that it rather hopes to reach an agreement with Redos.

A decisive phase

In July, X+Bricks and the SCP Group made an offer on Real hypermarkets that was reportedly higher than Redos’ offer. At the time, Metro expressed it wished to come to an agreement with Redos nevertheless.

Yesterday, the consortium including X+Bricks increased its bid, but a spokesman did not wish to give Reuters any more details. Metro, for its part, confirmed the consortium’s interest but added that the company was in the decisive phase of negotiations with Redos and was optimistic about reaching a decision soon.

X+bricks is a property investor that focuses on food retail in Germany, such as supermarkets, discounters and convenience stores. SCP Group was founded in 2009 and manages 70,000 sqm of commercial real estate in Europe.