Gs (New Princes) sells 15 hypermarkets to Tosano for 453 million euros

New Princes has signed an agreement with Tosano which initially provides for the leasing by its subsidiary GS of 15 hypermarkets and large-format stores.

The agreement also includes subsequent purchase options, and the enhancement of the value of 13 properties owned by GS, against rental payments of 110 million for a period of 5 years (in addition to 5 million euros as consideration for granting the options), 35 million euros for the business units, for a total property value of 248,6 million, as well as usage fees of 54,4 million under a rent-to-buy agreement.

How GS's profitability will improve

GS management estimates, in this way, an annual improvement in Ebitda of approximately 40 million in the first five years and 60,2 million in the following seven years, subject to the full implementation of the transaction in accordance with the plan's assumptions.

The agreement, which comes after the purchase, at the end of July, of 5 assets from Kryalos, is primarily aimed at structurally strengthening GS S.p.A.'s profitability and cash generation, with positive effects also expected on the consolidated financial results of the multinational as a whole.

The activities concerned currently generate revenue of half a billion euros, or approximately 14% of GS's total turnover, which is estimated at 3,5 billion euros, thus slightly above the 2025 turnover (here, the figures from the 2025 accounts of New Princes).

In this way, the Italian-British multinational owned by the Mastrolia family considers the first phase of the programme to rationalise GS's commercial perimeter complete, ushering in a new period focused on supermarkets and the Gs Express format.

It also provides for the transfer to Gruppo Tosano of the goods present in the 15 stores at the time of their respective transfers.

The value of the package

The total value of the stock will represent an additional and separate component from the potential contractual value of the transaction, recorded in total at 453 million euros.

As part of the agreements, Tosano will also be granted use of the Euromercato brand, which is still owned by GS.

The decision to choose Gruppo Tosano reflects the desire to enhance large-format stores through a specialised operator with an established distribution model in the hypermarket segment.

For Tosano, which operates 24 stores (following the opening of Vimodrone, on 15 October 2026) distributed across northern Italy, the deal clearly represents an opportunity to expand its distribution network and strengthen its presence throughout the country.

GS doubles down on Gs Express

And there is more: as part of the subsequent phase of the industrial plan, NewPrinces intends to focus the development strategy for the GS brand on supermarkets or megastores, with floor areas ranging from 1.000 to 5.000 square metres, and on the GS Express format, with particular attention to expansion in the convenience segment, as well as modernisation and redevelopment work on existing stores.

The effectiveness of the transfer of the business units is subject to the fulfilment of the contractually stipulated conditions precedent, including those relating to the proceedings before the Competition and Market Authority.

The complex transaction should be completed, if the options are exercised, by 30 June 2032.

SUMMARY OF CONTRACTUAL CONSIDERATION

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.