July 22 (Reuters) - Brazilian retailer GPA has sold 16 real estate assets to a pair of local funds for 446 million reais ($87.1 million), it said on Wednesday, a step forward in the company's plan to free up resources via real estate sales.
In a securities filing, GPA, which is controlled by France's Casino Guichard Perrachon SA, said it had sold 16 buildings to TRX Real Estate Fundo de Investimento Imobiliário and TRX Real Estate II Fundo de Investimento Imobiliário, both of which are run by asset manager TRX Gestora de Recursos. Both are FIIs, which are the Brazilian equivalent of a real estate investment trust, or REIT.
This is the third sale of assets by GPA to the TRX funds, bringing the total value of transactions between the parties to roughly 950 million reais, GPA said.
It said it expected to complete a fourth sale under the terms of a pre-existing contract with TRX, bringing the total value of the combined deals to roughly 1.21 billion reais.
GPA has so far received 1.58 billion reais from real estate deals as part of a wider divestment strategy, it said.
($1 = 5.12 reais) (Reporting by Gram Slattery; Editing by Tom Brown)