Metro also selling off Praktiker real estate

According to a report in the "Handelsblatt", Metro AG will realize more than € 500 mio from the sale of the real estate belonging to Praktiker Bau- und Heimwerkermärkte Holding AG. It also suggests that the current process of bidding for the total of 35 DIY store premises that are up for sale could be ended within a few weeks. It is hoped that the proceeds from the sale will compensate for the stockmarket flotation of the subsidiary, which was at € 330 mio around 40 per cent below expectations, to the disappointment of the group's parent company. The report also claims that Deutsche Bank AG and the UK financial investor Dawnay, Day are left as the remaining potential buyers for the real estate package. The offers are said to be in the realm of € 500 – 520 mio.