Carrefour and Nexity have announced the launch of the “Villes et Commerces” property venture, to which Carrefour is contributing an initial portfolio of 69 sites.
This represents a key milestone in the implementation of the long-term partnership between the two groups, announced on 6 July 2023.
With the upgrade of 76 Carrefour sites across France through urban mixed-use projects, this partnership will constitute the first nationwide large-scale urban regeneration program. The property venture is jointly owned by Carrefour (80%) and Nexity (20%).
Long-term partnership
This long-term partnership will enable Carrefour and Nexity to develop mixed-used programs meeting high environmental performance standards for housing, serviced residences, retail space, offices and hotels.
- 40 city-center sites will be fully redeveloped, with the reintegration of a food sales area.
- The other 36 sites, located on the outskirts of towns and cities or in commercial areas, relate to existing parking spaces, which will be partly reassigned to urban projects.
The 76 sites total approximately 800,000 sq.m; their development will lead to the creation of 12,000 homes, 120,000 sq m of retail space, 10,000 sq.m of office space and businesses and 17,000 sq.m of hotel space.
Fully aligned Partnership
For Carrefour, this initiative is part of the Carrefour 2026 Strategic Plan and its ambition to capitalize on its property portfolio in France:
- Continue to integrate Carrefour centers into neighborhoods redeveloped in consultation with elected representatives and local authorities
- Develop schemes adapted to their surroundings by integrating mixed-used programs into sites that are already developed
- Support the green transition in urban areas by creating new green spaces and promoting sustainable forms of transport for local mobility
For Nexity, the initiative reflects the desire to pivot more quickly towards urban regeneration, and is an opportunity to implement a transformative, exemplary approach while rising to the challenges of curbing urban sprawl and promoting the energy transition.
Each site will have its own urban mixed-used program, defined in line with each local authority’s specific needs and expectations, and will be developed through its own specific vehicle, most of which will be majority-owned by Nexity.