Contacted Carrefour did not wish to comment

The subject of real estate of Carrefour should return on the front of the stage in the very next month. According to several sources, the distribution group resumed its work, and a decision could be taken in the first half of 2011.

Banks, UBS and Rothschild, mandated for a long time on the subject, are working on two types of scenario, which do not meet the same objectives. On the one hand, that of a split in the form of a "spin off", partial or total, as Accor Edenred, which would enhance the real estate and to provide liquidity to the shareholders of Carrefour.

Lighter schema

On the other, an introduction in classical scholarship, with or without a capital increase. In the event of a lifting of funds from new investors, the model followed is Casino which side his land Mercialys end of 2005. This solution allows to give society the means to develop.

For shareholders, the first schema has the advantage of being lighter to implement and be less dependent on market conditions. The Group has in turn table the Blue Capital holding, which brings together the interests of Bernard Arnault (owner of "echoes") and the Fund Colony, holding together a little more than 13 of the Distributor. Indebted for this investment, they are penalized by the decline of the course, which has lost almost 40 since their entry into the capital of the Group of the ACC in March 2007. In addition, the Fund Colony was one of the promoters of the "spin off" of Accor, rather seen as a success so far.

For its part, Lars Olofsson, the administrator-Director-General, said spring at Reuters about a rating that it was "not conducive to a purely financial operation ...". "unless it is to finance, for example, an acquisition." And he added: "I don't exclude therefore to award a minority part of Carrefour Property to crystallize the value of our real estate assets."

This topic is discussed for several years, and has already been the subject of numerous studies. In addition to the assumption of a rating, the Group had also considered in 2009 to bring investors to the capital through a private placement. Upgrading will depend on selected perimeter, including the inclusion or not of the walls of stores downtown. In 2007, it was estimated at some 20 billion euros. At the presentation of its first-half results, Carrefour valued his estate at $ 16.7 billion, of which 11 billion for the land Carrefour Property (read box).

There is no formal decision to this day, but the scenario of the "spin off" may be preferred. For observers, a fundraising is indeed less likely, in view of the share buyback policy crossroads has put in place. "The company has no need of capital", also confirmed a close source of shareholders. Banks could be requested to manage the potential problems of "flowback" of investors selling their securities immediately after the "spin off".

A land deemed strategic

In all cases, the Group would retain more than the majority of its land, considered strategic. A total disengagement could also have an impact on the score of Carrefour agencies and make the action more volatile.

At the same time, the Group entrusted to BNP Paribas a review of its activity of hyperdiscompte (ED and Dia), which could lead to a rating or an assignment. The asset is valued around EUR 4 billion.

Revived in the back, these sites have a particular resonance in view of the recent woes of Carrefour. Mid-October, the Group spent additional exceptional charges in the Brazil forcing him to revise his forecast. Six weeks later, he reviewed once again to drop its goal of results 2010. Contacted, Carrefour did not wish to comment.