France’s Carrefour eyes Q2-2017 €4.5 billion IPO of Carmila arm: paper

By Yomna Yasser On Nov 29, 2016

French retailer Carrefour (CARR.PA) is planning an initial public offering in the second quarter of 2017 for its commercial property arm Carmila that could value Carmila at up to €4.5 billion ($4.8 billion), newspaper Les Echos reported on Tuesday.

Carrefour was looking at a Carmila initial public offering (IPO) between April and June next year, the French business newspaper added, citing several sources.

Les Echos said investment banks Morgan Stanley and Societe Generale were handling the possible Carmila IPO for Carrefour. A Carrefour spokeswoman declined to comment on the situation.

Carrefour Chief Executive Georges Plassat had already said in July that it was “legitimate to think about an IPO for next year” for Carmila.

Analysts say floating Carmila, which ranks among Europe’s five largest commercial property firms, would allow Carrefour to get extra cash to fund its expansion and also unlock some hidden value within Carrefour’s asset portfolio.

Source: Reuters