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Carrefour announces plans to create a company for shopping malls adjoining its hypermarkets in Europe


Carrefour signs a memorandum of understanding with Klépierre to acquire 127 shopping malls.

Continuing its back-to-basics strategy, Carrefour aims, through the creation of this company, to recreate an ecosystem that integrates all the components of each commercial site for the benefit of its customers. Its success rests on the coordinated renovation, modernisation and extension of its sites.

The project will lead to the creation of a company that will include 172 shopping malls originating from:

Firstly, the acquisition from Klepierre for €2.0 billion of 127 sites in France, Spain and Italy with gross annual rental income of around €135 million,

Secondly, the contribution by Carrefour of 45 shopping malls in France with a value of €0.7 billion and gross annual rental income of around €45 million.

With over 800,000 sq. m of retail space, assets of €2.7 billion and a value-creating renovation and extension plan, the company will rank among the leading European shopping mall companies.

The company will be financed through €1.8 billion in equity, 42% held by Carrefour with the remainder held by institutional investors, as well as through €900 million in debt. The company's results will be consolidated by the equity method in Carrefour’s accounts.

The transaction, which remains subject to final agreement between the parties and the approval of the relevant regulatory authorities, will be submitted for consultation to employee representative bodies and should close in the first half of 2014.

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