HCM CITY (Biz Hub) — Germany's Metro on January 7 announced the sale of its wholesale business in Viet Nam and related real estate portfolio to Thai company TCC.

Metro said TCC Land International Pte, Ltd, a subsidiary of TCC Holding Company Ltd, has acquired its complete operations in Viet Nam for 655 million euros (US$706 million).

In a press release, it said: "This results in a cash inflow of around 400 million euros [$432 million]. The payment has been already made."

Metro Cash and Carry Vietnam told Viet Nam News that under the new ownership the wholesaler would operate under the old name and management and continue to serve over a million professional customers with the same products and services.

Metro announces to complete sale to Thailand company. — VNS Photos

Metro came to Viet Nam in 2002 and now has 19 stores around country with more than 3,300 employees.

Over the years it has invested in the local trade infrastructure and food hygiene and safety, and trained more than 20,000 Vietnamese farmers and fishermen, helping them increase their yields and product safety.

In August 2014 Metro announced it had agreed to sell to Berli Jucker Public Company Limited (BJC).

But last February BJC's majority shareholder TCC replaced BJC as the buyer.

BJC, a conglomerate with interests in multiple sectors including retail, will run Metro for TCC. — VNS