CARREFOUR PROPERTY is real estate operating lever of Carrefour

CARREFOUR PROPERTY is real estate operating lever of Carrefour. The departure of José Luis Duran, Director General of the number two global distribution, does not call into question its subsidiary mission: the second trade of the group, the real estate.

European leader in commercial areas both in number of sites (over 1,000) of square metres (4.1 million square metres, for a value of about EUR 14 billion), Carrefour Property manages the heritage of the Carrefour group, France, Italy, Spain, Poland, Romania and Russia.

Come to Morgan Stanley, Pascal Duhamel, passionate of locomotives and cars same owner, took control of this land long sleeping, Carrefour Property, in March last to ensure the development of the group.

What is the rationale for Carrefour Property What missions to fulfil this land

Carrefour Property is a property that meets three missions: be spearheading the growth of the group in the countries where it occurs, i.e. in France 733 site in Spain on 117, in Poland on 110, 37 in Italy, 10 in Romania and Russia soon.

In these countries, we produce meters square for the group by buying surfaces, building, or even to find rental opportunities.

Second mission, manage and optimize the value of our heritage, which covers a total of 4.1 million square on 1,000 metres sites, estimated at about EUR 14 billion. Finally third mission: enhance and strengthen the commercial attractiveness of each of our sites and it is true that the maintenance of this attractiveness is the best guarantee of the value of our assets, but also sustainability and profitability of the profession of Carrefour. The reason for Carrefour Property is to apply real reasoning to real trades. Our goal, beyond these trades, is to know, recognise and enforce the creation of real estate value that is attached to our missions.

What is your investment strategy in the current situation

Our policy is to accompany and boost the growth of the group where he wants to develop. For the time being, the ruled Europe presents again very attractive investment opportunities, particularly in countries such as the Romania and the Russia. In addition, the financial crisis faced by these countries, characterized by the unavailability of financing both debt and equity, makes them even more attractive that Carrefour Property is able to deploy significant investment capabilities. Naturally, Carrefour Property will accompany the group in the country where he may wish to develop.

Your development strategy includes all distribution formats

Clearly, Yes, Carrefour Property resumed efforts to expand the group to develop its activity on surfaces ranging from 100 to 22,000 m2. In addition, Carrefour Property is designed to ensure real estate development of the whole of the commercial sets in which we are and will be present. At the same time we arbitrons our heritage or conduct operations of reconfiguration of shopping centres held in condominiums, in agreement with our partners if applicable.

How are you organized to pursue this development

With Jérôme Le Grelle, Director of operations, we have structured the company in two poles: pole development which brings together all expansion teams formerly dispersed in different signs of group, for example crossroads, crossroads Market, and Champion, and provides design and conduct of the work. The pole operations manages and optimizes our portfolio with the functions "asset management, commercialization and marketing, real estate management. Through this center operations, we will gradually return to the management of the operations in which we are present, to ensure the strengthening of their attractiveness ourselves.

Carrefour Property is not intended to extend its scope in the short term, it is however considered that the new approach to real estate group be expanded to the whole of its heritage.