CRRFY Carrefour SA (PK)

   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)

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