French retail giant Carrefour has said it will buy 127 shopping malls in France, Spain and Italy from real estate group Klepierre for EUR2bn (US$2.75bn).

The group plans to form a shopping mall company “adjoining its hypermarkets” in Europe.

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The sites generate gross retail income of around EUR135m, the company said in an announcement this morning (16 December). The business will be merged with Carrefour’s existing mall interests, which comprise of 45 French shopping malls that generate gross annual rental income of EUR45m. Carrefour will take a 42% stake in the new unit.

“With over 800,000 sq. m of retail space, assets of EUR2.7bn and a value-creating renovation and extension plan, the company will rank among the leading European shopping mall companies,” Carrefour claimed.

The group expects the deal to close in the first half of next year.

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