Sunday, May 10, 2009

Carrefour Seeking £1 Billion in Several Retail Store Sale Leaseback Transactions

Property Week - May 8, 2009

French supermarket giant Carrefour is preparing to sell a significant part of its property portfolio as it goes into expansion mode.

Carrefour Property, which controls nearly two-thirds of the retailer’s €14bn property portfolio, is preparing to sell properties in €200m and €500m lot sizes. The retailer said it would aim to sell the properties to investors in a long-term sale-and-leaseback transaction.

Carrefour has historically raised equity from its property portfolio and in 2008 planned to list its property arm on the stock exchange as a separate entity but plans were abandoned because of the downturn.

Sources said Carrefour is looking to raise at least €1bn from the strategy.
It is thought that Carrefour investors Colony Capital and Groupe Arnault are supportive of the plans. Sphere: Related Content

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