Carrefour aims to purchase 100 shopping centres

1.7 billion euro

Currently, the shopping
centres (located in France, Spain and Italy) belong to Kleppiere. Both
companies have admitted they are talking, but said that no agreement has been
reached so far. They will not be commenting any more, until the supposed 1.7 billion euro deal has been finalized.

Carrefour sold 150 shopping centres to Kleppiere in 2000, in order to alleviate its debts
and to enable international expansion. Buying the malls back allows Carrefour
to ask for rent, while it renovates 150 of its 220 hypermarkets. It intends to do
so in the next three years, to lure customers back to the stores.

French newspaper Le Figaro
believes Carrefour will pay half of the deal itself, while investors will pay
the other half. That is why the supermarket chain is now looking for 5 to 6 investors who are willing to invest 100 to 200
million euro each. George Plassat, Carrefour’s CEO, had already mentioned in
May 2012 – when he was appointed CEO – that shopping mall exploitation was a
lucrative business.

Carrefour is the second
largest European retailer, even though it
has been struggling for years. Particularly its hypermarket concept, which
it helped launch, is suffering from the customers’ shift to local purchases,
like in convenience stores.

(Translated by Gary Peeters)