Carrefour Brasil (CRFB3.SA), the Brazilian unit of French retail giant Carrefour (CARR.PA), has agreed to sell 15 of its properties for 725 million reais (approximately $127.4 million) to a real estate fund, Guardian Real Estate. The company, which continues to push forward with its real estate strategy, will lease back the properties from Guardian for at least 13 years. The properties will continue to operate as Atacadão stores, a key brand in Carrefour’s portfolio.
In a statement filed with the Brazilian Securities and Exchange Commission, Carrefour Brasil explained that the transaction aligns with its goal of unlocking value from its substantial real estate portfolio. The company expects the deal to close by the end of the year, after which it will begin paying a monthly rent of 4.8 million reais for the leased properties.
This move is seen as part of a broader strategy by Carrefour Brasil to optimise its assets and streamline operations. Earlier reports from the Brazilian newspaper Valor Econômico indicated that the retailer was exploring the sale of additional stores under its Bom Preço and Nacional brands. While Carrefour Brasil did not provide immediate commentary, sources suggest the company has engaged Bradesco BBI, a leading Brazilian bank, to advise on potential future deals involving both stores and other real estate holdings.
Sales Growth Amid Restructuring
In addition to the real estate news, Carrefour Brasil reported robust sales growth in its latest quarter. For the three-month period ending in September, the company recorded total gross sales of 29.5 billion reais, reflecting an increase of nearly 5% compared to the same quarter last year. A notable driver of this growth was an 8% surge in sales at its Atacadão stores, which follow a hybrid wholesale model. Same-store sales at Atacadão rose almost 6% year-on-year, despite calendar variations.
Carrefour Brasil is expected to release its audited third-quarter earnings on 31 October, where further details on its financial performance will be revealed.
This recent property sale and leaseback deal highlights Carrefour Brasil’s ongoing efforts to strengthen its balance sheet and focus on core retail operations while capitalising on its extensive real estate assets. The company’s strategy is one to watch closely, especially as the retail landscape in Brazil continues to evolve.
