X5 Retail Group N.V. Completes Acquisition of Korzinka and Strana Gerkulesia Retail Chains
21 Dec 2007
Amsterdam, 21 December 2007 - X5 Retail Group N.V., Russia's largest food retailer in terms of sales (LSE ticker: “FIVE”), announced today that it has received all the necessary regulatory approvals, including approval by the Federal Antimonopoly Service (FAS), and completed its acquisition of Korzinka (“Basket”) and Strana Gerkulesia (“Land of Hercules”) retail chains.
As it was announced earlier, X5 Retail Group acquires 22 Korzinka stores operating in the Lipetsk region with the net selling space of 20.0 thousand sq. m. 15 stores will be integrated into the Group's discounter format, six into the supermarket format and one store will be added to the hypermarket network. The total area of the Korzinka outlets is 38.0 thousand sq. m, of which 12.4 thousand sq. m. are owned.
X5 Group also acquires a total of 29 discounter stores under Strana Gerkulesia brand with the total net selling space of 12.9 thousand sq. m, of which 26 are operational and three are scheduled for opening in Q1 2008. Five stores are located in Moscow, 16 stores operate close to Moscow and eight stores are located in other areas of the Moscow region and in Tver. The total purchased area is 27.1 thousand sq. m, which also includes an office building and construction in progress that potentially can be converted into selling space in the future. Over 11 thousand sq. m. of the total area are owned.
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