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Carmila Agrees to Buy $1.3 Billion Malls From Unibail-Rodamco

Carmila, the shopping mall operator owned by Carrefour SA and investors including Pacific Investment Management Co., agreed to pay 931 million euros ($1.25 billion) to acquire six shopping malls in France from Unibail-Rodamco SE.

“Carmila is the natural owner of these shopping centers, anchored by large Carrefour hypermarkets,” Unibail-Rodamco Chief Executive Officer Christophe Cuvillier said in a statement late yesterday. “Carmila will be able to generate significant synergies and returns consistent with the requirements of its shareholders.”

Investment in European retail properties rose by 86 percent in the second quarter from a year earlier as supermarkets and malls in cities such as Paris benefit from urbanization, broker Jones Lang LaSalle Inc. said in a July 28 report. The purchase from Unibail includes malls in the Paris and Toulouse regions.

Carmila also plans to acquire three malls in Spain from Carrefour for 182 million euros in a separate transaction, it said in a statement late yesterday.

Both deals will be financed by a capital increase from existing shareholders and by borrowing from three undisclosed French banks, according to Carmila’s statement.

Carrefour owns 42 percent of Carmila and other shareholders include Colony Capital LLC, insurer Axa SA and Credit Agricole Assurances, according to a statement by the retailer in April. Carmila bought 2 billion euros of malls in France, Spain and Italy from Klepierre SA in April.

Unibail-Rodamco sold the malls to Carmila as it plans to focus on larger shopping centers, it said in yesterday’s statement.

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