Carrefour – Real Estate Mega Transaction

(…) Carrefour Property has finalized sales of about a hundred of business premises, practically half of which is situated in Spain. The rest is divided between France and Italy. Carrefour´s real estate branch will pay the French group Klépierre (the Europe´s second shopping center operator) between 1.700 and 2.000 million Euros for the assets, according to the sources close to the operation.

The purchase will make Carrefour Property the second greatest owner of shopping centers in Europe, giving way only to the French-Dutch giant, Unibail Rodamco.

New Owner

The decision to sell the 127 properties was made in less than a year after Klépierre had bought them from a Northern American giant Simon Property. In 2012, French bank BNP Paribas transferred 28.7% of the shopping center company for 1.524 million Euros. The new owner is specialised in development and management of shopping malls. (…)

The operation will entirely affect Klépierre´s Spanish portfolio. Before the agreement, the French group owned 76 assets, scattered in all provinces of Spain. Most of them are shopping arcades (areas of smaller space than a shooping center, where the majority of space is occupied by super- or hipermarket) with average of 20.000 square meters.

Klépierre has got centers of this type in Las Rozas, Alcobendas, San Sebastián de los Reyes (Madrid) and in La Coruña. Among those of larger size, Los Prados in Oviedo and Augusta in Zaragoza are to highlight. Moreover, the French giant owns shopping centers like La Gavia in Madrid or Meridiano on Gran Canaria.

40 Shopping Arcades

(…) In the startup package offered to Carrefour, Klépierre included 40 shopping arcades and 5 large shopping centers, like Augusta. The company´s aim is to focus on big complexes, however it has decided to attach some of its real estate jewels in the country to make the package offer more attractive and earn better assessment on Carrefour´s side.

(…) During the first 9 months of 2013, Klépierre invested 53.5 million Euros in rent of its property, 4.3% less on like-on-like basis than last year. The occupancy rates of its centers and arcades overcome 90%. On the global level, its sales figure was equal to 813.8 millions, 13.8% more than 749.1 millions flowing from the rents.

Klépierre´s patrimony scattered in 13 European countries has been estimated at 16.200 million Euros on June 30th.

European Giant

Carrefour Property was set up in 2008. (…) It is present in France, Spain and Italy (…). Totally, its assets are valued at 10.200 million Euros. In Spain it appeared in 2009, owning about 100 centers valued at 3.000 millions. Its last 2 projects are Holea shopping center in Huelva and As Cancelas in Santiago.

This is not the first business that Carrfour and Klépierre did together. In September 2011, they exchanged 6 properties in Spain. Precisely, Carrefour Property bought a shopping arcade of Carrefour hipermarket of Huelva while Klépierre acquired various comercial areas and construction rights in La Gavia (Vallecas-Madrid), San Juan de Aznalfarache (Seville) and in Elche, where it bought 3 medium size areas.

Source: Expansión

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