Carrefour is to sell EUR 1.5 bn of property to private and institutional investors this year as part of the French hypermarket group's new strategic plan to make real estate its second core business. 'Property will become a new area of expertise,' Carrefour said during the presentation of its 2007 results. To that end, Carrefour said real estate experts had been recruited to the group and the appropriate corporate governance structures were being studied. The company said the shaping of a pan-European property vehicle is at an advanced stage. Carrefour placed the group's gross asset value of its property portfolio before taxes at EUR 20 bn to EUR 24 bn, of which 60% is Carrefour Property.
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