De Pardieu has advised Carrefour on the sale & leaseback of a portfolio of 35 stores located in France and Spain to a joint-venture formed by Singapore’s sovereign wealth found GIC and UK investment manager Atrato Group. This transaction is fully aligned with the value creation and real estate asset rotation strategy outlined in the Carrefour 2030 plan.
The transaction has a total net seller value of approximately €290 million. The portfolio comprises 32 assets in France, including 26 Carrefour Market supermarkets and 6 hypermarkets, as well as 3 hypermarkets in Spain.
Upon completion of the transaction, Carrefour will continue to operate all these stores under leases with an initial term of 12 years, including a firm 10-year period. According to the Group, this transaction will crystallize the value of its real estate portfolio while generating a significant capital gain, with no material impact on recurring operating income.
This transaction illustrates Carrefour’s continued implementation of its real estate strategy aimed at optimizing the management of its assets while supporting the growth of its retail operations across Europe.