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Wednesday, January 30, 2008

Carrefour Sells Istanbul Real Estate

The French international hypermarket chain which is the second largest retail group, CarrefourSA has sold its real estate property in Istanbul, Turkey for 267 million Euros which is now planning to build a hypermarket on that area which will be opened by 2010. Carrefour said that they have sold the property which will produce a pretax capital gain of nearly 150 million Euros but didn't specify what its own share will be. The Sabanci/Carrefour joint venture was announced this month earlier that it will not make any offer to the Turkish supermarket.

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