Carrefour has agreed to sell a portfolio of 35 commercial properties in France and Spain for approximately €290 million in a transaction structured as a sale and leaseback. The agreement will allow the French retailer to monetise part of its real estate assets while continuing to operate the stores.
The portfolio has been acquired by a joint venture between Atrato and GIC, Singapore’s sovereign wealth fund, and includes 32 properties in France — 26 Carrefour Market supermarkets and six hypermarkets — as well as three hypermarkets in Spain.
The stores will continue operating normally under Carrefour’s management. The new lease agreements have an initial term of 12 years, including a firm, non-cancellable period of 10 years. The transaction is therefore a change in property ownership rather than an exit from the affected locations.
Part of the Carrefour 2030 strategy
The transaction forms part of the real estate asset rotation strategy included in Carrefour 2030. The group views its property portfolio as a source of value and plans to continue carrying out transactions that convert part of this value into financial resources.
Under the strategic plan, Carrefour expects regular real estate disposals to contribute between €200 million and €300 million annually to free cash flow, taking into account net property disposals and related investments.
At the end of 2025, Carrefour’s real estate assets in France, Spain and Brazil were valued at €14.2 billion, up 25% from 2021. France accounted for €9.2 billion, Spain for €1.9 billion and Brazil for €3.1 billion.
The latest deal is therefore part of a broader strategy aimed at unlocking the value of Carrefour’s property portfolio while maintaining operational control of its stores.
Spain remains part of the divestment strategy
The three Spanish hypermarkets included in the transaction add to a series of sale and leaseback operations carried out by Carrefour in recent years.
According to Carrefour’s 2025 consolidated accounts, the group completed sale and leaseback transactions involving five Spanish hypermarkets for around €50 million that year. In 2024, it carried out another transaction involving six Spanish hypermarkets for approximately €100 million.
In France, the strategy has also continued. In 2025, Carrefour completed sale and leaseback transactions involving 28 stores, including three hypermarkets and 25 supermarkets, for around €150 million.
More focus on convenience and store modernisation
The Carrefour 2030 plan also includes a significant expansion of convenience formats. The group plans to add 1,000 convenience stores in France and 750 in Spain, as well as 50 new Carrefour Market stores in France.
In Spain, the strategy focuses on strengthening Carrefour’s presence in convenience retail while maintaining its position in the wider market. At the same time, the group is not abandoning the hypermarket format. In France, Carrefour plans to invest around €200 million annually in modernising its hypermarkets, reallocating part of their space towards higher-potential categories and fresh produce.
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The strategy therefore combines two approaches: reducing capital tied up in selected properties while continuing to invest in the commercial transformation of its store network.
Sale and leaseback gains importance
The structure used by Carrefour enables the retailer to convert a property asset into liquidity without leaving the site. The buyer becomes the owner of the property, while Carrefour remains the tenant and continues operating the store.
For Carrefour, this provides additional capital while ensuring business continuity. For investors, it offers access to operating retail assets backed by long-term leases.
The transaction also highlights the continued interest of institutional investors in food retail real estate. Atrato already has experience with Carrefour sale and leaseback transactions: in 2024, it acted as investment adviser to Supermarket Income REIT in the acquisition of 17 Carrefour supermarkets in France for €75.3 million.
With this latest deal, Carrefour is continuing to use its real estate portfolio as a financial lever to support its transformation while keeping the stores included in the transaction fully operational.
