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LS Travel Retail to acquire AdR Retail in Italy

RBR Staff Writer Published 05 July 2012

LS Travel Retail, a duty-free division of Lagardère Services, is accelerating its growth strategy with the acquisition of AdR Retail, the duty free activity of Aeroporti di Roma.

AdR Retail, which operates eight stores in Rome airports, will be acquired by LS Travel Retail's subsidiary Aelia for €229.4m.

The sub-lease contract is for 14 years and covers eight stores - one at Rome Ciampino and remaining seven at Rome Fiumicino.

LS Travel Retail CEO Dag Rasmussen said together with its brand partners, the company aims to create fantastic airport experience Rome deserves.

"We have shown a real know-how in operating similar platforms in re-development, in particular in Paris at Roissy-Charles de Gaulle and these successful experiences will be of great help for completing this project," Rasmussen added.

"We have very ambitious plans to become the N°2 in Travel Retail world-wide over the next five years, and this tender is a strategic building block in achieving that goal."

LS Travel Retail has been advised on this transaction by Banca Leonardo and Société Générale on financing, Chiomenti on legal and Ernst & Young on accounting & taxes.