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In a strategic move, Carrefour has completed the acquisition of 17 omnichannel Carrefour stores in a sale and leaseback transaction valued at €75.3 million before costs. Carrefour, one of the largest grocery operators globally and rated investment grade (BBB), has executed its second sale and leaseback transaction in France and its first in over a decade.
The acquisition is notable for its attractive 6.3% net initial yield (NIY), which significantly exceeds the 4.4% funding cost, underscoring the value of the investment. With Carrefour now representing 4% of the portfolio's gross asset value (GAV), this transaction not only enhances the company's portfolio but also secures long-term, highly affordable rents with inflation-linked uplifts that are uncapped, providing a robust financial foundation.
Progress on Sustainability Initiatives
The company continues to advance its sustainability efforts, with notable progress across several key areas:
- Electric Vehicle (EV) Charging and Solar Energy: EV charging stations are now operational at 30% of the company's sites, and solar arrays have been installed across 20% of stores, reflecting a commitment to reducing carbon footprint and promoting renewable energy use.
- Science-Based Targets: The company’s sustainability goals have been validated and approved by the Science Based Targets initiative, with a pledge to achieve net zero emissions by 2050. This commitment aligns with global climate targets and underscores the company's dedication to environmental responsibility.
- Tenant Contributions: Strong tenant commitments to achieving net zero are driving significant capital expenditures on store upgrades, further enhancing the sustainability of the portfolio.
- EPRA Sustainability Reporting: The company has prepared and submitted its disclosures in line with the EPRA Sustainability Best Practices Recommendations for the first time, demonstrating a commitment to transparency and best practices in sustainability reporting.
