The French commercial property investor, developer and operator, Unibail-Rodamco SE, confirmed that it has signed an agreement with Carmila, an affiliate of French grocery retailer Carrefour Group, to sell a six shopping center portfolio worth €931m.
The shopping centers include Bay 1, Bay 2, BAB 2, Labège 2, Place d’Arc and Cité Europe.
The deal was announced on July 30 and Unibail-Rodamco stated that the transaction terms are as announced earlier.
Finalization of the transaction is expected prior to the end of 2014 and is subject to normal conditions.
Unibail-Rodamco announced, during February, its intention to dispose of €1.5bn to €2bn of shopping centers over the next five-year period, to enable them to concentrate on large assets. It stated during July that it would dispose of six non-core shopping centers, which are anchored by Carrefour, and based in France. The company said the proposed transaction would have no effect on its recurring earnings per share growth of a minimum of 5.5% for 2014.
It has been stated that Carmila owns the shopping centers anchored by huge Carrefour hypermarkets and Carmila would have the opportunity to generate generous returns and synergies.
![Carmelia Carrefur Carrefour’s Carmila](https://img.malls.com/medialibrary/1f5/1f516097e6632e89f7d3b5f0791417ad.jpg)
Carmila was created during mid-April by Carrefour and its co-investment partners, with the aim to improve the value of the shopping centers situated next to Carrefour hypermarkets in Italy, Spain and France. Carrefour currently owns 42% of Carmila.
Shares for Unibail-Rodamco were down by 2% or €4.15 in Paris, at €200.10.
29 SEPTEMBER 2014, France