Michelle Napoliis editor of Net Leaseforum, from which this article is excerpted.

Paris—Large sale-leaseback transactions continue to gaintraction in Europe. The latest examples include two deals that willgarner about 650 million euros or approximately US$926 million forFrench grocer Casino Guichard-Perrachon & Cie.

In one part of its capital-unlocking strategy, Casino will sellor otherwise transfer 255 urban and semi-urban superette andsupermarket properties throughout France to a new entity, AEWImmocommercial. French securities regulators recentlyauthorized AEW Immocommercial and four other companies to operateas OPCIs, property investment mutual funds. A group ofinstitutional investors--including Caisse des Depots etConsignations, Cardif (a BNP Paribas subsidiary),Predica (a subsidiary of Credit Agricole Group), FonciereEcureuil 2 (an affiliate of Groupe Caisse d'Epargne) and theUnion Mutualiste Retraite--have committed capital to AEWImmocommercial, which will be managed by AEW Europe. Casinowill be among its investors as well, holding a 10% to 18%stake.