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Carrefour Set To Reduce Supermarket Properties.(Brief article)

WWD

| December 28, 2011 | Weil, Jennifer | COPYRIGHT 1999 Fairchild Publications, Inc. (Hide copyright information)Copyright

Byline: JENNIFER WEIL

Carrefour Set to Reduce Supermarket Properties

PARIS

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 …

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