Auchan takes out 10m-euro loan from BRD

BRD-Groupe Societe Generale granted funding worth 20 million euros to MGV Distri-Hyper, the company developing the Auchan network of hypermarkets in Romania. “This agreement, whose first stage amounts to over 10 million euros, will contribute to equipping our first store and at the same time provides a significant financial base for the group”s expansion in Romania,” stated Regis Mougel, general manager of MGV Distri-Hiper. Auchan will open its first hypermarket in the Titan area (Bucharest, sector 3), with investment in the piece of land and the buildings being estimated at 40 million euros. The partnership of the two companies stipulates that BRD-Groupe Societe Generale handles everything in connection with cash management of Auchan”s first hypermarket and with the electronic payment system by means of a banking card at cash registers. ZF