Advising Carrefour group in connection with the creation of the real estate company Carmila, the contribution of 45 sites in France by Carrefour and with the acquisition of 126 sites in Europe from Klépierre

Advising Carrefour group in connection with the creation of the real estate company Carmila, jointly held with a group of leading institutional investment partners and in connection with the transfer to the latter by the Carrefour group of 45 shopping malls adjacent to Carrefour hypermarkets located in France for a market value of €0.7 billion, and with the acquisition of 126 shopping malls adjacent to Carrefour hypermarkets located in France, Spain and Italy and held by Klépierre group for a market value of €2.0 billion.

The real estate company Carmila created by Carrefour and its co-investment partners is dedicated to enhancing the value of the shopping malls adjacent to Carrefour hypermarkets located in France, in Spain and in Italy.

Carmila owns a portfolio of 171 shopping malls comprising:

 –       on the one hand, 126 sites in France, Spain and Italy acquired on April 16, 2014 from Klépierre for a market value of €2,0 billion;

 –       on the other hand, 45 sites in France contributed by Carrefour group with a market value of €0.7 billion.

As a result, Carmila holds a real estate portfolio valued €2.7 billion and the Carrefour group will own 42% of Carmilla alongside major international investors.

The initial funding of this transaction consists of a €1.8 billion in equity contributed by co-investment partners for €1.0 billion and by Carrefour for €0.8 billion (of which €0.7 billion through the transfer of assets and €0.1 billion in cash). Additionally, Carmila has obtained bank credit facilities for the balance of €0.9 billion.