Auchan relies on Morgan Stanley for its Italian real estate assets. According to Radiocor, the French chain is closing an operation in recent weeks that will lead to the establishment of a real estate fund managed by Morgan Stanley sgr and which will currently own 13 galleries and two retail parks scattered throughout the country owned by Commercial Galleries Italy.
The operation is worth a total of around 450 million and Morgan Stanley, in addition to managing the fund, will also acquire half of the shares while the other half will remain with the French group. The last step to formalize the operation concerns the financing. In recent days, an agreement was reached which sees Goldman Sachs as leader of a series of foreign banks ready to finance the operation and the final formalities will be completed in September. In the past, Auchan's Italian real estate assets were halfway between the French chain and the American operator Simon Property. In 2012, however, the US group had decided to exit and the transalpine company had bought back 49% of Italian commercial galleries. A year later, however, he found a new partner in Morgan Stanley.
