Carrefour announces plans to create a company for shopping malls adjoining its hypermarkets in Europe
December 16 2013 - 1:30AM
Business Wire
Carrefour signs a memorandum of understanding with Klépierre
to acquire 127 shopping malls
Regulatory News:
Continuing its back-to-basics strategy, Carrefour (Paris:CA)
aims, through the creation of this company, to recreate an
ecosystem that integrates all the components of each commercial
site for the benefit of its customers. Its success rests on the
coordinated renovation, modernisation and extension of its
sites.
The project will lead to the creation of a company that will
include 172 shopping malls originating from:
- Firstly, the acquisition from Klepierre
for €2.0 billion of 127 sites in France, Spain and Italy with gross
annual rental income of around €135 million,
- Secondly, the contribution by Carrefour
of 45 shopping malls in France with a value of €0.7 billion and
gross annual rental income of around €45 million.
With over 800,000 sq. m of retail space, assets of €2.7 billion
and a value-creating renovation and extension plan, the company
will rank among the leading European shopping mall companies.
The company will be financed through €1.8 billion in equity, 42%
held by Carrefour with the remainder held by institutional
investors, as well as through €900 million in debt. The company's
results will be consolidated by the equity method in Carrefour’s
accounts.
The transaction, which remains subject to final agreement
between the parties and the approval of the relevant regulatory
authorities, will be submitted for consultation to employee
representative bodies and should close in the first half of
2014.
About Carrefour Group
The world’s second-largest retailer and the biggest in Europe,
Carrefour Group employs 357,000 people. Present in 34 countries
with nearly 10,000 stores, Carrefour posted total 2012 sales of
€101.3 billion. A multi-local, multi-format and multi-channel
retailer, Carrefour is a partner to everyday life. It serves more
than 12 million customers daily throughout the world, offering a
wide variety of products and services at the right price. For more
information: www.carrefour.com
CarrefourGroup Communication, +33 (0)1 41 04 26
17Investor Relations, +33 (0)1 41 04 26 00
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