Carmila paying $1.25 billion for 6 Unibail-Rodamco malls
Publish Date: July 30, 2014
Unibail-Rodamco SE is to sell six “non-core” Carrefour-anchored shopping centers in France to Carmila, a company formed this past spring by hypermarket giant Carrefour and several international investment firms, for 935 million euros ($1.25 billion). Unibail-Rodamco announced in February its intention of selling shopping centers over the next five years worth between 1.5 billion and 2 billion euros to focus on its primary assets. The centers it is selling are: Bab 2, in Anglet-Bayonne; Bay 1 and Bay 2, near Paris; Cité Europe, near Calais; Labège 2, near Toulouse; and Place d’Arc, in Orléans. The deal is expected to be completed in the fall.
"Through this agreement with Carmila, we are pleased that Unibail-Rodamco, Europe's largest commercial property company, has been able to quickly and efficiently deliver on its stated goal of further reshaping its portfolio to focus on assets with the highest return potential,” said Christophe Cuvillier, CEO and chairman of the Management Board. “Carmila is the natural owner of these shopping centres, anchored by large Carrefour hypermarkets. We are sure that Carmila will be able to generate significant synergies and returns consistent with the requirements of its shareholders. A true 'win-win' transaction."