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Carrefour completes sale of Cargo Property Assets to France's Argan

Carrefour SA said Oct. 15 that it completed the sale of its entire ownership in Cargo Property Assets to French real estate company Argan SA.

When the agreement was first announced in July, the French food retailer said the deal value was approximately €290 million. Most recently, Carrefour said it received €288 million in remuneration from the disposal, of which 80% was paid in cash and 20% in Argan stock.

Following the transaction, Carrefour now holds about 5% of Argan's share capital.

The company said the move is part of Carrefour's plan to divest €500 million of nonstrategic real estate assets by 2020.