Nov. 20 (Bloomberg) -- Carrefour SA, Europe's biggest retailer, will take advantage of the global economic crisis to snap up real estate, according to Jerome le Grelle, chief operating officer of the company's property arm.

The company, based near Paris, isn't selling any real estate, le Grelle said during an interview on the sidelines of a conference in Cannes, France. An initial public offering for the retailer's property division remains on hold given the turmoil in stock markets.

``We will use the current crisis to capture a maximum of property and develop it,'' he said.

To contact the reporters on this story: Ladka Bauerova in Cannes at lbauerova@bloomberg.net.

Last Updated: November 20, 2008 09:32 EST