AccessMyLibrary provides FREE access to millions of articles from top publications available through your library.
Byline: JENNIFER WEIL
Carrefour Set to Reduce Supermarket Properties
Beleaguered retailer Carrefour SA said Tuesday that it will dispose of a real estate portfolio including 97 supermarket properties in France owned by Carrefour Property and operated by Carrefour Market to investment vehicles run by La FranAs.aise AM.
The deal is worth 365 million euros, or $477.3 million at current exchange.
"With this transaction, Carrefour optimizes the use of its capital employed, which will be reinvested, notably into real estate development projects," the company stated, adding that the disposal value reflects a capitalization rate of about …