De Pardieu Brocas Maffei has advised Carrefour, world’s leading food retailer, on the entry into a long-term partnership with Nexity, leading comprehensive real estate operator, with a view developing urban regeneration programs for 76 Carrefour sites, through mixed-use projects across France.
Announced on 6 July, the long-term partnership between the two groups starts with the creation of the “Villes et Commerces” property venture to which Carrefour contributed an initial portfolio of 69 sites. Ultimately, the upgrade of 76 Carrefour sites through mixed-use urban projects will constitute the first nationwide large-scale urban regeneration operation thanks to the development of mixed-use programs meeting high environmental performance standards for housing, serviced residences, retail spaces, offices and hotels.
The 76 sites represent approximately 800 000 sq.m; their development should lead to the creation of 12,000 housing units, 120 000 sq.m of retail spaces, 10 000 sq.m of office spaces and businesses and 17,000 sq.m of hotel space.
The property venture is held up to 80% by Carrefour and up to 20% by Nexity.