Carrefour Real EstateReal estate subsidiary of French supermarket chain, Increased profits by 36% in 2022According to the annual accounts of Grupo Prensa Ibérica’s EL PERIÓDICO DE ESPAÑA deposited with the Commercial Registry via the Insight View platform, its revenue increased to 137.8 million euros, while it closed the year almost unchanged at 143.6 million.
This company, controlled by Carrefour, owns all assets, which are then leased to supermarkets, its main customers. The group’s stores paid 135.9 million in rentThe remaining 7.6 million was rented to third parties. According to the ranking prepared by this newspaper, Carrefour Property is the largest shopping center owner in Spain: it has 109 properties with a gross leasable area of 1.7 million square meters and more than one million square meters of commercial, logistics and mixed uses to develop projects.
The supermarket chain’s real estate agency admits that they recognized the effects of the war in Ukraine and the transporters’ strike in their results, but “they demonstrated an extraordinary capacity to react to ensure the continued exploitation of their own property.” real estate.” The company’s expectation is in 2023 Continue optimizing the surfaces and development of your real estate assetsmanaging the necessary urban transformations and searching for new operators for the centers. Additionally, Carrefour Property is looking to increase the number of assets under management, which currently stands at 119, 32 of which are large.
The company’s debt ratio is very low. According to its balance sheet, as of December 31, 2022, it recorded only 187 million short-term liabilities and 21 million long-term liabilities. To contextualize its obligations, Carrefour Property was only able to distribute to its parent between 2021 and 2022 189 million euro dividend. The company did not make any additional disclosures regarding the accounts in the Trade Registry.
Carrefour Real Estate Sales
Although Carrefour Property does not assign market value to its asset portfolio, exceeded 2 billion eurosThe exit profitability in a hypothetical sale is assumed to be 7%. If this happens and the rent is guaranteed (sale and leaseback), profitability will be lower and the selling price much higher. Last year, the company conducted an “asset impairment test” that documented “the value was not affected.” This is a rare avis Because other real estate companies in Ibex-35, such as Merlin Properties or Colonial, had to devalue their portfolios by 2% to 3% in 2022.
The subsidiary has closed several divestitures in recent years. In 2021, it sold five hypermarkets with shopping galleries for 69.2 million euros; In 2022, it closed the transfer of six supermarkets to group companies for 109.5 million dollars and two farms to group companies for 2 million dollars. society in total received 180.7 million sales, this represents more than double the value stated at the accounting level for these assets.
Shopping malls are on the verge of pre-Covid raids
Spanish shopping malls have recovered some of the number of visitors in 2022 that were lost throughout the entire pandemic. According to data from the Spanish Association of Shopping Centers and Parks (AECC), last year, 1.7 billion views15% less than in 2019 and approx. Accumulated sales of 47,763 million eurosnearly 2% more than in the last full year before the health crisis broke out.
investment We closed the year with 1 billion 800 million euros in the purchase and sale of such assets.The most important operations were the acquisition of Torrecárdenas Shopping Center by the South African fund Lighthouse for 172 million and the Finestrelles Shopping Center by the French fund Frey for 127 million.
Who are the big owners of Spanish shopping malls?
Two companies affiliated with Carrefour are Spain’s two largest shopping mall owners; Carrefour Property with 109 assets and Carmila with 79 assets. Alcampo is another of the players who have a large presence in such properties, with more than fifty assets. The ranking is completed by socimis such as Castellana Properties, Merlin Properties, Lar España or General de Galerías Comerciales and international giants in the sector such as URW, Nuveen Real Estate, Neinver or Klempierre.