Regulatory News:
Carrefour (Paris:CA) announces today the disposal to investment vehicles
managed by La Française AM of a mature real estate portfolio comprising
97 supermarket properties owned by Carrefour Property and operated by
Carrefour Market through long-term leases with fixed, indexed rents.
With this transaction, Carrefour optimizes the use of its capital
employed which will be reinvested notably into real estate development
projects.
The disposal value is €365m and reflects a capitalization rate of nearly
6.5% (including transfer duties).
In the future, the Group will continue to operate these supermarkets
under the Carrefour Market banner with 12-year initial leases, with
multiple renewal options.
La Française AM was created in 2009 through the merger of UFG and La
Française des Placements Investissements. This multi-specialist asset
management firm has expertise in both investment securities and real
estate assets and managed €35bn in assets as of end of 2010, of which
€5.8bn in real estate. Crédit Mutuel Nord Europe is La Française AM
primary shareholder.
