Carrefour: sells Cargo Property Assets
(CercleFinance.com) - Carrefour announces the signature of agreements for the sale to Argan of the entire share capital of the real-estate company Cargo Property Assets, 32% of which is held by the retail giant along with co-investor partners.
With this transaction, Carrefour is set to receive remuneration equivalent to 290 million euros, approximately 80% of which in cash and 20% in Argan stock, turning it into a holder of roughly a 5% stake in the property vehicle.
The group comments that this transaction is subject to the approval of Argan's shareholders and to the other usual conditions for fulfilment. It should close by the end of 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
With this transaction, Carrefour is set to receive remuneration equivalent to 290 million euros, approximately 80% of which in cash and 20% in Argan stock, turning it into a holder of roughly a 5% stake in the property vehicle.
The group comments that this transaction is subject to the approval of Argan's shareholders and to the other usual conditions for fulfilment. It should close by the end of 2019.
Copyright (c) 2019 CercleFinance.com. All rights reserved.