Investors led by Carrefour in huge land grab

[PARIS] Carrefour SA joined a group of institutional investors to buy 127 European shopping malls in a 2 billion-euro (S$3.46 billion) transaction that gives the retailer more control of the sites around its hypermarkets.

The purchase from Klepierre SA adds malls spanning about 476,000 square metres in France, Spain and Italy, the Boulogne Billancourt, France-based company said yesterday in a statement.

Carrefour will have a 42 per cent stake in a company that combines the sites with 45 malls it owns in its home market.