On February 18, 2020, the German Metro AG signed a binding agreement with the Luxembourg SCP Group (the fund is owned by the family of Vladimir Yevtushenkov) to sell 100% of the Real hypermarket chain. This is stated in the message of SCP.
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The SCP Group will become the sole owner of 276 Real stores, the real.de online store, 80 real estate properties and all Real subsidiaries, the company said. Real SCP Group will be managed together with its strategic partner German x + bricks.
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Sistema Finance S. A. (a 100% subsidiary of Sistema JSFC) will channel up to € 263 million to finance the transaction. Third-party investors will also take part in it. It is supposed to close the deal in the first half of 2020. “This is equity financing, not a loan, we do not disclose details,” a representative of AFK Sistema told Vedomosti.
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“The company has appointed an experienced manager to implement its Real concept. Patrick Kaudewitz will become chairman of the board of directors of SCP Retail Investments and will bring his many years of retail experience to the development of individual concepts for real-world sites, ”the statement said.
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SCP Group was founded in 2009 and is associated with Felix Yevtushenkov and AFK Sistema of his father, billionaire Vladimir Yevtushenkov. In December 2019, a consortium of investors entered into a memorandum of understanding and exclusive negotiations to purchase from Metro AG a 100% of the operating business of the Real chain and the property network and online store.
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