Carrefour’s Turkish venture has today (30 January) announced it will sell off land in Istanbul to property developers set to build one of the largest shopping centres in the country.

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Carrefoursa, a venture between the French retail giant and local conglomerate Sabanci Holding, plans to build a Carrefour hypermarket within the complex.


The assets are being sold for EUR267m (US$395m) to developers Apollo Real Estate and Multi Turkmall.


The transaction is expected to lead to a capital gain of around EUR150m (US$222m) before tax, Carrefour said.


The shopping centre is expected to open in 2010 and the Carrefour hypermarket will become the retailer’s 20th in Turkey.

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Carrefour also operates 99 supermarkets and 515 hard discount stores in the country and the 100th Carrefour Express store is expected to open in Ankara Minasera this month.