French retailer Carrefour has sold 97 domestic supermarket properties to an asset manager for EUR365m (US$476m).

The company, which was dogged by profit warnings, speculation over management reshuffles and shareholder rebellion throughout 2011, said it would reinvest the money into real estate development projects.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

It will continue to operate the 97 sites under the Carrefour Market banner with 12-year leases. The buyer of the properties is La Francaise AM, a French company that manages EUR5.8bn in property assets, according to its website.

The day after the announcement shares in Carrefour dropped from EUR17 to EUR16.6.

Last month The Financial Times reported that the US investment fund Knight Vinke, which has a 1.5% stake in Carrefour, was in talks with the retailer over taking a seat on its board.

In October, Knight Vinke urged the company to appoint an independent chairman after a profit warning in a bid to combat the company’s “very poor performance” and “serious governance issues”.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now