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Carrefour jv sells Istanbul real estate; to build Carrefour hypermarket on site |
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Sunday, 03 February 2008 07:38 |
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Carrefour said its CarrefourSA joint venture with Sabanci Holding in Turkey, sold a real estate site in Istanbul for 267 mln eur and that it plans to build a  hypermarket on the location, to open in 2010. In a statement, Carrefour said the sale, to a joint venture between Apollo Real Estate and Multi Turkmall, will generate a pretax capital gain of around 150 mln eur but did not specify what its own share will be.
The French retail giant has been under pressure by activist shareholders to exploit its vast real estate portfolio and it described the Turkish deal as 'an illustration of the means by which the group can create value' from its properties, 'contributing to its future growth.' The Carrefour/Sabanci joint venture announced earlier this month it will not make an offer for Turkish supermarket group Migros Turk. Source: forbes.com |
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Last Updated ( Sunday, 03 February 2008 07:45 )
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