07/10/2019 | Press release | Distributed by Public on 07/10/2019 10:54
Carrefour today announced the signing of agreements to sell the entire share capital of Cargo Property Assets to Argan, a listed property company specializing in logistics real estate.
This operation will contribute to achieving the objective of the Carrefour 2022 plan of divesting 500 million euros of non-strategic real estate assets. Cargo Property Assets, founded in 2016, is dedicated to the Group's logistics real estate in France. The company, which is 32% owned by Carrefour group, alongside co-investor partners, owns about one-third of the Group's distribution centers in France. Carrefour manages Cargo and is its leading shareholder. The transaction would be based on a valuation of the real estate assets held by Cargo Property Assets of 900 million euros, transfer tax excluded. Carrefour would therefore receive a remuneration equivalent to about 290 million euros, about 80% of which in cash and 20% in Argan stock. Carrefour would hold about 5% of Argan's share capital. The completion of the transaction is subject to the approval of Argan shareholders and other customary conditions. It is expected to be effective by the end of 2019.Carrefour sells its stake in real estate company Cargo Property Assets (pdf 434.68 KB)