German retailer Metro has sold a portfolio of 53 of its Praktiker DIY stores to IXIS AEW for just under €500m.
The DIY stores are located in 35 German cities and eight stores in Greece and ten in Hungary. Last month, Metro floated Praktiker on the stock exchange at €14.50 a share to fund expansion in central and eastern Europe.
The acquisition of the real estate hinges on the approval of the German antitrust authorities.
Metro was advised by Cushman & Wakefield Healey & Baker.
