In a strategic sale&leaseback transaction, the French retail giant's real estate subsidiary Carrefour Properties has completed the sale of six shopping centres in Spain for a total of €100 million, according to Expansión.
The transaction follows Carrefour Properties' recent acquisition of 47 Supercor centres from El Corte Inglés, after obtaining authorisation from the National Markets and Competition Commission (CNMC).
With a portfolio comprising 115 centres and more than 1.8 million square metres for future development, the company has consolidated its position in the market. During 2021, Carrefour Properties sold seven supermarkets for €93 million to US reit Realty Income, and in 2022, it disposed of a portfolio of assets for approximately €110 million.
Sale&leaseback transactions have become very important, accounting for 11.1% of total transactions in the retail segment in Europe between January and September, according to a study by the consultancy firm Savills Aguirre Newman, marking the highest percentage since 2007.
In financial terms, Carrefour's shopping centre real estate company closed the 2022 financial year with revenues of 357 million euros, an increase of 1.5% over the previous year. In addition, it recorded a profit of 224.9 million euros, an increase of 26.2% in its net result compared to the previous year.
The asset rotation strategy has also been a key element for Carrefour Properties, which in the last year sold eleven assets in France and Spain for 240 million euros. The latest phase of this plan included the sale of four assets in Andalusia, two in Malaga and two in Algeciras, for 75 million euros.
At the end of 2022, the valuation of the portfolio of Carmila, Carrefour's real estate company, amounted to €6.2 billion, marking a 1% increase in like for like terms compared to the end of 2021, despite the 0.8% reduction in absolute value due to the sales executed by the company.
