PARIS: French retailer Carrefour said on Tuesday it had sold 97 supermarket properties held by its real-estate arm to an asset manager for 365 million euros ($476.91 million).
Carrefour, the world's second-largest retailer, said it would reinvest the funds into property development and will continue to operate the supermarkets with a 12-year renewable rental lease.
The buyer, an asset manager called La Francaise AM, manages 36 billion euros in assets as at end-2010, with 5.8 billion invested in real estate.
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