Carrefour acquires 127 shopping centres
The retailer has signed a memorandum of understanding with Klépierre to acquire the sites in a €2 billion deal.
Spread across France, Spain and Italy, the shopping centres have a gross annual rental income of around €135 million and many of them are close to Carrefour’s existing stores.
The acquisition will lead to the creation of a company that will encompass 172 shopping centres including Carrefour’s 45 existing centres in France.
Controlling over 800,000 sq m of retail space and assets of €2.7 billion, the company will be financed through €1.8 billion in equity with 42% held by Carrefour and the remainder held by institutional investors. It will also be supported by €900 million in debt.
The transaction, which is subject to regulatory approval, is expected to close in the first half of 2014.
Email this article to a friend
You need to be logged in to use this feature.
Please log in here