Rio Grande supermarket is looking to raise another R$1 billion ($1.9 billion) in cash from the sale of the Rio Grande grocery store, the owner of which has already announced a major expansion.
Rio Grande supermarket owner Jose Manuel de Souza announced in July that he planned to raise the money by selling the Rio Grandes grocery store.
He said he was able to raise R$4 billion from the sales of the three store locations in the city of Rio Grande in southern Brazil.
In a statement on Wednesday, he said that he had sold a significant number of the properties, which have a combined R$3 billion turnover.
The Rio Grande store will now have a total capacity of about 600,000 sq ft, with another 700,000sq ft planned for the expansion.
“I have sold all three of these properties to raise funds to make the necessary investments in our business,” de Souzan said in the statement.
“I hope to build on this momentum to bring the Rio grande store to the next level in the coming years.”
In addition to selling the supermarket, de Souzo said he would also expand the store in Rio Grande, which will have a capacity of more than 4,500 sq ft.
“Rio Grande store will be an important pillar of the growth of the business, as it will provide our customers with the best selection and a variety of products,” he said.
“The Rio grandes store will continue to provide the best customer experience and the best shopping experience in Rio.”
Rio de Janeiro’s new mayor, Eduardo Paes, has promised to build a shopping centre at the site of the existing Rio Grande building, which was demolished by the city’s government in 2012 to make way for a luxury residential development.
Rousseau, a former president, said that his company had decided to raise an additional R$600 million through the sale, which is in line with the government’s initial pledge.
The supermarket will be the largest store in Brazil and the fourth largest in Europe, behind the Paris-based L’Oreal and the German chain Aldi.
Rice is the world’s second-biggest supermarket chain behind Aldi, with a market value of about R$10 billion.
The company has also plans to expand its business to Latin America, and to build and open restaurants.
Raisens supermarkets are based in Brazil’s second city of Recife, where the supermarket chain has a huge presence.