Advising Carrefour in connection with the legal and tax structuring of the real estate company, the corporate, real estate and regulatory aspects of this transaction, in the framework of the proposed creation of a real estate company for the shopping malls adjacent to its hypermarkets in Europe and in connection with the execution of a memorandum of understanding with Klépierre with respect to the purchase of 127 shopping malls.
The company is intended to regroup 172 shopping malls resulting:
– of the first part, from the acquisition from Klépierre of 127 sites in France (57), Spain (63) and Italy (7) for a value of €2.01 billion generating an annual gross rent of approximately €135 million,
– of the second part, from the contribution by Carrefour of 45 sites in France for a value of €0.7 billion generating an annual gross rent of approximately €45 million.
The real estate company to be created shall accordingly hold €2.7 billion assets representing more than 800 000 sq.m retail surface area and intends to implement a refurbishment and extension plan creating value.
Its financing shall be ensured up to € 1.8 billion by net equity and up to €900 million by bank debt.
The transaction, which is subject to a final agreement between the parties and the competent regulatory authorities’ approval, shall be submitted to the staff representative bodies’ consultation and should be carried out in the first half of 2014.