Carmila acquires Galimmo portfolio for €294m

Carmila has signed an agreement with the controlling shareholders of Galimmo SCA to acquire 93 percent of the company’s capital. Galimmo owns and operates 52 shopping centers in France, all anchored to Cora hypermarkets.

The total consideration for the acquisition of 100 percent of the shares of Galimmo would represent €294 million ($330 million).

The potential acquisition of Galimmo will be completed simultaneously with the acquisition of Cora France by Carrefour.

The complementarity of Carmila and Galimmo’s geographical footprints and respective track records are an opportunity to create a unique player in retail real estate in France.

Galimmo’s 52 assets, mostly located in the northeast of France, were valued at €688 million ($772 million) at the end of December 2022. The sites will be managed according to the existing and successful rules of the Carrefour/Carmila ecosystem.

The potential transaction offers a compelling value propositi