Carrefour is selling its stake in the business which owns several of its logistics centres.
The company has agreed to sell its 32% stake in Cargo Property Assets to logistics real estate specialist Argan. Cargo owns around a third of Carrefour’s distribution centres.
The supermarket giant will net €290 million from the sale, based on a valuation of Cargo’s real estate at €900 million. Carrefour will also be paid in Argan stock, amounting to around 5% of its share capital.
The sale is expected to be completed by the end of 2019, subject to approval from Argan shareholders.
The move is part of Carrefour’s aim to divest €500 million in non-strategic real estate by 2022.
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