French retailer Carrefour buys 127 shopping malls in France, Spain and Italy from the real estate g

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The future of stores is questionable in France 13 Aug 2013
French retailer Carrefour buys 127 shopping malls in France, Spain and Italy from the real estate group Klepierre 2 billion, reports Reuters. walmartstores The deal should walmartstores help the company to strengthen its core business with hypermarkets in Western Europe. Carrefour announced it will establish a new company to operate the newly acquired sites with 45 moles $ 700 million, which the group already owns in France. Carrefour will own 42% of the shares of the new company will be a leading operator of shopping centers in Europe. The remaining shares will be held by institutional investors as a group will have more than 800 thousand square walmartstores meters of retail space and assets for 2.7 billion. The new company will be provided with 1.8 billion shares and 900 million debt. Control over the trading environment will obtain ownership targets shopping centers in addition to those in these hypermarkets will provide a gross rental income of about 180 million per year of Carrefour. The Company intends to fund the renovation of their 150 220 hypermarket walmartstores in France over the next three years, which will be part of the effort to return the lost clientele. For that you need help and the opportunity to make more attractive overall business walmartstores environment in malls. The deal actually turns Agreement of 2000, when Carrefour sold its 150 retail outlets Klepierre. This is part of a strategy to "return to base" current CEO George walmartstores Plaza, who took the group last year. It is the third head of Carrefour in the last three years. walmartstores Carrefour, which is the second largest chain retailer in the world and also develop business in Bulgaria, trying to return to profitability in the European market after several difficult years. Major obstacle to the development proved excessive dependence on hypermarkets, which in the past have provided managed company. However, more and more customers prefer to shop in local stores or online, walmartstores for most non-food products are oriented towards walmartstores specialty stores. After abolishing the separation of business in real estate in 2011, Carrefour launched more active investment in the sector, it seems efforts to attract customers began to work. In the third quarter sales in the French hypermarket group increased walmartstores for the first time in two years. Collapse walmartstores debts Klepierre, who remain second-largest publicly traded operator of shopping malls in Europe will use the proceeds from the transaction walmartstores to reduce debt and smaller acquisitions. Last year, the company said it plans to raise 1 billion from the sale of office space to focus on malls. The group estimated that after the deal with Carrefour annual rental income will fall by 102 million, but this will be offset walmartstores by savings interest payments. The transaction is expected to be approved by regulators and completed in the first half of 2014
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