4-Jul-2012 6:43 PM

Aelia (Lagardère Services Group) preferred bidder to acquire 100% of capital of ADR Retail

Italy's Aeroporti di Roma stated (03-Jul-2012) Aelia (Lagardère Services Group) has been selected as the preferred bidder for the acquisition of ADR Retail, representing the end of the selection process for transfer of 100% of the capital of ADR Retail. A price of EUR229.4 million has been offered for 100% of ADR Retail. Aelia will also pay annual royalties equal to 32.5% of turnover. This ends direct management of duty free/duty paid by ADR. The financial resources deriving from transfer will be used to reduce ADR's indebtedness. ADR Retail manages the eight duty tree/duty paid shops at Rome Fiumicino and Rome Ciampino airports, with a total surface area currently amounting to around 3100sqm (reaching 4800sqm by Oct-2012) through a sub-lease agreement with ADR Spa through 31-Dec-2026. In 2011 direct retail activities involved a staff of approximately 250 employees and generated a turnover of approximately EUR92 million with a gross operating margin of EUR37 million. Within the end of the year, the company will start an expansion plan for the sales areas, increasing them by over 50% (approximately 1600sqm more). AdR’s eight stores at the airports are expected to make EUR140 million in annual sales once an ongoing modernisation programme is completed later this year. [more - original PR - LS Travel Retail] [more - original PR - Aelia]