Carrefour France offloads stake in logistics real estate unit | Progresiv
Carrefour has announced plans to sell off its entire stake in Cargo Property Assets, which operates some of the group’s logistics real estate in France. 
Cargo Property Assets, founded in 2016, operates around a third of Carrefour’s distribution centres throughout France, with the latter overseeing its management.
Carrefour will sell its 32% stake to property firm Argan, in a cash-and-stock deal worth around 290 million euros. On completion of the deal, Carrefour will hold a nearly 5% stake in Argan, which was valued at 1.7 billion euros as of end-June 2019.
Carrefour noted: “This operation will contribute to achieving the objective of the Carrefour 2022 plan of divesting 500 million euros of non-strategic real estate assets.” (www.kamcity.com)
