French retail group Carrefour has confirmed that it is considering listing certain assets to return money to shareholders and improve profits but added that no final decision has been made yet. Although several projects are currently being studied for freeing up the real estate assets, Carrefour said that it intends to retain control of its property unit, Carrefour Property.
French retail group Carrefour has confirmed that it is considering listing certain assets to return money to shareholders and improve profits but added that no final decision has been made yet. Although several projects are currently being studied for freeing up the real estate assets, Carrefour said that it intends to retain control of its property unit, Carrefour Property.
'As part of its strategy to maximize its performance and the valuation of its assets, Carrefour confirms that it is studying different projects that could lead to the listing of certain of these assets,' Carrefour said in a statement. 'As soon as the studies are completed, they will be submitted for review to the board of directors.'
Earlier this week, French daily Le Figaro reported that shareholders of Carrefour were considering a break-up of the company into three listed units to enhance the value of their investment. The company is being advised by BNP Paribas on the operation, which envisages a simultaneous spin-off of its discount chain Dia and the real estate arm Carrefour Property.
Carrefour Property was created in 2009 to manage the group's real estate, and is active in France, Italy, Spain, Romania and Poland with a total portfolio of over 4 million m2 of retail space.
