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HomeMarketCarrefour Brasil mulls real estate business carve-out, stake sale By Reuters

Carrefour Brasil mulls real estate business carve-out, stake sale By Reuters

© Reuters. FILE PHOTO: The logo of French retailer Carrefour on shopping trolleys in Sao Paulo, Brazil, July 18, 2017. REUTERS/Paulo Whitaker/File Photo
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SAO PAULO (Reuters) -Grupo Carrefour (EPA:) Brasil on Tuesday said it has started studies for a potential carve-out of its real estate business unit, a move that could lead to the creation of one of Latin America’s largest retail-focused real estate companies.

The firm said in a securities filing that its real estate unit currently includes more than 450 assets, adding that the potential new company would have more than 1.5 billion reais ($287.09 million) of net operating income.

Formally known as Atacadao SA, the local unit of French retailer Carrefour SA (OTC:) noted that the move would also include the potential sale of a minority stake in Carrefour Real Estate to a strategic investor.

The move comes “in line with the group’s strategy to unlock value of its assets and to accelerate the development of its real estate,” Carrefour Brasil added.

($1 = 5.2249 reais)

Story Credit: investing.com

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