Struggling Dutch retailer Laurus has completed the sale of its distribution centres in Waddinxveen and Beilen to a subsidiary of Heitman International, entering into a lease agreement with the new owners. Logistics operations will continue at each site.
The sale raised EUR68m (US$87m), almost equal to the book value of the two properties, the company said.
The disposal has already been taken into account when forecasting shareholders’ equity and net debt.
On Friday (1 September) the company said that its Super de Boer chain was unlikely to achieve a positive EBITDA result in the fourth quarter, a condition of the company’s bank covenants. Laurus has therefore begun negotiating financing arrangements.