NewPrinces' subsidiary GS S.p.A. has signed an agreement with Gruppo Tosano to lease 15 hypermarkets and large stores with later options to buy them, alongside a rent-to-buy programme for 13 GS-owned properties, in an arrangement worth up to €453m, NewPrinces said on 5 November 2026.
Why Gruppo Tosano (Nova Retail S.r.l., owned by Supermercati Tosano Cerea S.r.l.) is buying 15 GS hypermarkets and large stores plus 13 properties (from GS S.p.A., NewPrinces)
NewPrinces said handing the 15 large stores to an operator specialised in hypermarkets would improve GS's profitability and cash generation, and that the deal completes the first phase of its programme to rationalise the GS network it acquired with Carrefour Italia. It now plans to focus the GS brand on supermarkets of 1,000 to 5,000 square metres and the GS Express convenience format. Management expects EBITDA to improve by about €40m a year in the first five years and about €60.2m a year in the following seven.
Deal terms and financing
Tosano will pay €110m in rent over five years plus €5m for the purchase options. If it exercises the options by 30 June 2032, it will buy the business units for €35m, of which €10m is paid in the first phase, and start a seven-year rent-to-buy programme on 13 properties with €280.4m of payments and a €22.6m final balance; the agreed property price is €248.6m. Inventory in the stores is sold separately. Tosano can exit early by giving notice before 30 April 2029, in which case consideration falls to €75m. The agreements also grant Tosano use of GS's Euromercato brand.
Market context
The 15 stores generate about €500m of annual revenue, about 14% of GS's turnover of roughly €3.5bn. NewPrinces, listed on Borsa Italiana's STAR segment, bought Carrefour Italia in 2025 and is converting its network to the historic GS brand.
