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Carrefour acquires 127 shopping centres

Supermarket giant Carrefour has unveiled plans to acquire 127 shopping centres across Europe.

GENERAL MERCHANDISE

Carrefour acquires 127 shopping centres

Supermarket giant Carrefour has unveiled plans to acquire 127 shopping centres across Europe.

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.

 

 

 

 

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