BUT French Furniture Retailer Sells Property For EUR200 Million

Date : 11/15/2011 @ 3:30AM
Source : Dow Jones News

BUT French Furniture Retailer Sells Property For EUR200 Million

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French furniture retailer BUT has sold the property of 25 stores to a real estate company owned by BNP Paribas SA (BNP.FR) and investment firm Compagnie de Phalsbourg for EUR200 million, newspaper La Tribune reports Tuesday.

BUT, owned since 2008 by Goldman Sachs Group (GS), OpCapita and private-equity firm Colony Capital LLC, will rent the stores to the real estate firm and will use the proceeds of the sale to reduce its debt, says the report.

BUT's debt "will be reduced to close to nothing," the company's Chief Executive Regis Schultz tells the newspaper.

Newspaper website: www.latribune.fr

-By Paris Bureau, Dow Jones Newswires; 33-1-4017 1740; inti.landauro@dowjones.com



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