La Poste has raised €128.7 million from the sale of six mail and parcel sorting depots to aproperty consortium.
The French postal group will generate net proceeds of €101 million from the property sale,which will go towards its ongoing modernisation programme.
The consortium comprises La Poste’s property subsidiary Poste Immo, with a 22.4% holding, andseven institutional investors, including BNP Paribas Immobilier, Fortis Real Estate France and LaMutuelle Générale. The property disposal in a difficult market environment shows the confidence ofinvestors in the postal group, La Poste said in a statement.
The French postal operator is in the process of valuing its real estate portfolio in asimilar way to other European companies.
La Poste’s mail and parcel businesses will continue to use the six depots through long-termrental contracts, while Post Immo will manage the properties and any future modernisation work.
