French hypermarket group Carrefour said its board has approved plans to list 25% of its real estate arm, Carrefour Property, on the stock exchange and to spin off its Dia discount chain.
French hypermarket group Carrefour said its board has approved plans to list 25% of its real estate arm, Carrefour Property, on the stock exchange and to spin off its Dia discount chain.
The company said the spin-off would allow it to unlock the embedded value of its real estate assets while supporting Carrefour Property's competitiveness of existing sites. In particular, Carrefour plans to distribute to its shareholders 25% of the Carrefour Property shares in the form of an extraordinary dividend. If the spin-off is approved, each Carrefour shareholder would receive a number of Carrefour Property shares proportional to its Carrefour stake.
'The two transactions are a continuation of the strategy we have been conducting since 2009, and if approved, will provide Carrefour with new momentum. They aim to make the group more focused on its operational priorities while creating value for our shareholders,' said Lars Olofsson, CEO and Board member of Carrefour.
Carrefour intends to retain ownership of 75% of Carrefour Property. The plans will be put to Carrefour's annual general meeting due to be held in June.
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 worth over EUR 10 bn.
