French supermarket chain Intermarché has sold its remaining assets in Germany, signalling its total exit from that market.
The retailer’s 22 logistics centres, comprising 416,000 square metres of warehouses and office space, have been acquired by Bonn-based property firm IVG for EUR121m (US$154.81m).
Intermarché’s ultimately costly German adventure began in 1997 with the acquisition of the Spar chain. However, last year it sold its food retail and wholesale interests in the country to German group Edeka, who at the same time joined the Alidis European alliance set up by Intermarché and Spain’s Eroski.
The sale to Edeka brought to an end to Intermarché’s ambitions in Germany – where it had poured an estimated EUR1bn into developing its activities – and allowed the French group to significantly reduce its debt.
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