Carrefour Sells Stake in Cargo Property Assets to Argan
11 7월 2019 - 2:07AM
Dow Jones News
By Patrick Costello
Carrefour SA (CA.FR) said Wednesday that it had agreed to sell
its 32% stake in Cargo Property Assets to logistics real-estate
company Argan S.A. (ARG.FR).
The French retailer said it would receive roughly 290 million
euros ($325 million) from the sale, about 80% in cash and 20% in
Argan stock. The transaction values the real-estate assets held by
Cargo Property Assets at EUR900 million, excluding transfer taxes,
it said.
Carrefour will hold around 5% of Argan's share capital following
the deal, it added.
Carrefour said the move is part of its wider goal of divesting
EUR500 million of non-strategic real-estate assets under the
Carrefour 2022 plan.
The transaction is subject to approval from Argan shareholders
and other customary conditions and is expected to be concluded by
the end of 2019, Carrefour said.
Write to Patrick Costello at patrick.costello@dowjones.com.
(END) Dow Jones Newswires
July 10, 2019 12:52 ET (16:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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