CarrefourSA, joint venture between Carrefour and Sabanci in Turkey, announces the sale of its land located in Merter (Istanbul) to a joint venture between Apollo Real Estate and Multi Turkmall, who will develop one of the largest shopping centers in the country. A Carrefour hypermarket will be built on this site and should open in 2010.
The price of the transaction is 267 million euros, and will lead to a capital gain of around 150 million euros before tax.
This transaction is an illustration of the means by which the group can create value through the management of its real estate assets portfolio, contributing to its future growth.