• Transaction / Assets
    Sonae Sells Five Asset in Sale and Leaseback Operation
  • Seller
    Sonae MC
  • Buyer
    n/a
  • € MM
    55

Sonae MC Sells Five Properties for €55 Million in Sale and Leaseback Operation

30 November 2018

Sonae MC, a subsidiary of Sonae, sold five real estate assets, all used in food service, valued at 55 million euros. The transaction was a sale and leaseback operation, and the company will continue to occupy the properties as a tenant, according to a statement sent to the Securities Market Commission (CMVM).

“Sonae SGPS, SA hereby informs that its subsidiary Sonae MC SGPS, SA has concluded a sale and leaseback operation today for five real estate assets used in food service, in Portugal,” the document states.

The company also announced that the transaction “generated an estimated capital gain of 25.3 million euros” and that “Sonae’s freehold ownership level changed to 46%.”

“This transaction is in line with the strategy Sonae announced to monetise its real estate assets while maintaining an adequate level of operational flexibility,” the company concluded.

Original Story: Idealista

Translation: Richard Turner