Carrefour studies real estate carve-out in Brazil

Carrefour studies real estate carve-out in Brazil

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The Brazilian subsidiary of French retail group Carrefour said Tuesday that is studying the potential carve-out of its real estate division to create a new company with BRL1.5 billion ($292 million) in net operating income. The spin-off "would create one of the largest retail-focused real estate companies in Latin America," Carrefour Brasil said in a securities filing. Carrefour owns more than 450 real estate assets in Brazil, including stores, shopping malls, projects under development and land

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