29 April 2014
Clifford Chance advises Carrefour on the creation of Carmila and Carmila on the acquisition of 126 shopping centers in Europe
International law firm Clifford Chance advised Carrefour and Carmila in relation to the acquisition of 126 shopping centers in France, Spain and Italy owned by Klépierre and valued €2 billion on the market.
The company CARMILA created by Carrefour and co-investment partners is dedicated to enhancing the value of the shopping centers adjacent to Carrefour hypermarkets in France, Spain and Italy.
CARMILA owns a portfolio of 171 shopping centers comprising:
- On the one hand, 126 sites in France, Spain and Italy acquired on April 16, 2014 from Klépierre for a market value of €2.0 billion;
- On the other hand, 45 sites in France contributed by Carrefour with a market value of €0.7 billion.
As a result, CARMILA holds a real estate portfolio valued €2.7 billion and Carrefour will own 42% of CARMILA, alongside major international investors.
The initial funding of this transaction consists of a €1.8 billion in equity, contributed by co-investment partners for €1.0 billion and by Carrefour for €0.8 billion (of which €0.7 billion through the transfer of assets and €0.1 billion in cash). Additionally, CARMILA has obtained bank credit facilities for the balance of €0.9 billion.
Clifford Chance advised Carrefour with a team comprising Mathieu Remy (partner), Marianne Pezant (counsel), Justine Souchay and Marie-Aude Kfouri for the equity aspects. Thierry Arachtingi (partner), Anne Vrignaud (counsel) and Maroussia Cuny advised Carmila on the financing. Patrick Hubert (partner), Mélanie d'Anglejan-Châtillon in France, and Maria Begoña Barrantes and Miguel Andreu in Spain, advised Carrefour and Carmila for the antitrust aspects, Christian Lachèze advised on the employment aspects. Clifford Chance Italian office (Paolo Rulli, partner, and Ivana Magistrelli) advised Carmila for the corporate and acquisition aspects of the transaction in Italy.