Carrefour divests 7% of shopping centre operator for €171m

French retail group Carrefour raised approximately €171 mln by selling 7% of its stake in shopping centre operator Carmila.

Carmila shopping centre

The sale was conducted through a private placement at a price of €17.30 per share.
After the sale, Carrefour will retain a 29.8% stake, or 41.9 million shares, and has agreed not to sell any more shares for 90 days.
This sale is part of Carrefour's ongoing strategic review, announced in February, which foresees the streamlining of holdings and improvement in finances to better compete in a challenging market. The group aims to increase its financial flexibility and available cash.
Carrefour plans to remain Carmila's key shareholder and supports its current strategy. Existing agreements between the two companies will remain unchanged.
Carmila also repurchased about €1 mln of its shares during this process, completing its buyback program.
Carmila, established in 2014 and listed on the stock exchange, manages 251 shopping centres in France (168 sites), Spain (75 sites), and Italy (8 sites), primarily focused on enhancing retail spaces near Carrefour stores, mainly near mid-sized towns. The overall value of the portfolio amounts to over €7 bn.
Carmila ranks as Europe’s third-largest commercial property company by market capitalization and first by the number of properties owned.