Carrefour and Nexity have embarked on the "Villes et Commerces" real estate initiative, beginning with Carrefour contributing a portfolio of 69 locations.
This venture marks a critical phase in the strategic collaboration announced by the two companies on July 6, 2023.
The plan involves upgrading 76 Carrefour locations across France through urban mixed-use developments, establishing the first comprehensive national program for urban renewal. Carrefour holds an 80% stake in the venture, with Nexity owning the remaining 20%.
Long-term Development Plans
The overarching partnership allows Carrefour and Nexity to advance mixed-use projects
The overarching partnership allows Carrefour and Nexity to advance mixed-use projects that align with high environmental performance targets, encompassing residential, commercial, office, and hospitality spaces.
Notably, 40 sites situated in urban centers will undergo complete redevelopment, including the reintroduction of food retail areas.
The remaining 36 locations, found on the outskirts of cities or in commercial zones, relate to existing parking spaces that will be partially transformed through urban projects.
Scope and Impact
Spanning approximately 800,000 square meters, these 76 sites are anticipated to facilitate the creation of 12,000 housing units, 120,000 square meters of retail space, 10,000 square meters of office spaces, and 17,000 square meters of hotel accommodations.
Strategic Framework
This initiative forms part of Carrefour's 2026 Strategic Plan, focusing on maximizing its property assets in France. The goals include integrating Carrefour centers into revitalized neighborhoods developed in coordination with local officials, designing adaptable mixed-use projects on pre-developed sites, and promoting urban green transitions through new green spaces and sustainable transport options.
Nexity's involvement underscores its commitment to accelerating urban regeneration, embodying a transformative approach to addressing urban sprawl and supporting energy transition goals. Each location will feature a tailored urban mixed-use program, crafted in harmony with the specific needs and expectations of local authorities, and developed through unique frameworks, predominantly controlled by Nexity.
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.
