Metro sells Real hypermarket chain in Turkey

German retailer and distributor Metro is going to sell its Real hypermarkets in Turkey to businessman Hazi Duran Begendik and focus on the failing hypermarket business in Germany, the company announced in a release.

After it sells all 12 hypermarkets in Turkey, Metro will still be present in that country through a network of Cash&Carry stores and Media-Saturn consumer electronics chain.

- With this move, Real will fully focus on the successful development of its business in Germany - the regional web portal Seebiz cited Metro as announcing in the release.

In the fiscal year that ended 30 September 2013, Real Germany registered losses of about EUR 9 million.

In the same fiscal year, Real generated a revenue of EUR 256 million and increased the number of employees in Turkey to 1,800.

The transaction whose value has not been disclosed is now pending approval from competent regulatory bodies in Turkey, and it should be completed this summer.