Carrefour partners with Altarea to develop urban projects

Carrefour partners with Altarea to develop urban projects

Carrefour and Altarea, a property developer in France, has formed a partnership for three urban development projects in Nantes, Sartrouville and Flins/Aubergenville.

These sites, under joint ownership with Carmila, cover a total area of around 25 hectares which, after their complete renovation, will soon be transformed into living spaces in addition to their initial retail use.

”With some 5,000 stores in France, Carrefour has always developed a strong foothold in its local areas. However, ways of life and today’s needs have evolved and towns and cities need to reflect these changes. As part of its transformation plan, Carrefour is determined to play a significant role in the urban and sustainable development of its regions. In addition to retail, Carrefour wants to be involved in the life of its towns and cities by developing mixed urban projects,” said in a joint statement.

“Carrefour believes that retail should strengthen its urban and social role. Our regional network is a major advantage which we want to use to be a stakeholder in the city of tomorrow. With this in mind, we have identified 3 shopping centres in areas undergoing rapid urban transformation. These projects will be developed in partnership with Altarea. By bringing together our expertise, we aim to develop new neighbourhoods adapted to meet the new expectations of our customers and residents”, said Jérôme Nanty, Director of Group Assets and Executive Director – Human Resources.

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”The Altarea Group will work alongside the Carrefour Group on the transformation and implementation of comprehensive development projects combining the reconversion of retail sites and diversified new programmes,” said in the statement.

“Located on the edge of urban areas at the time they were built, the sites we are going to redevelop with Carrefour have been overtaken by urban sprawl. The signing of this partnership will allow us to transform these commercial areas into new, lively and dynamic mixed-use neighbourhoods that will bring renewed energy to these regions and recreate economic value. We share with the Carrefour Group the same ideas and vision for the city of tomorrow: towns and cities that build on their foundations, 15-minutes towns that bring together residential, retail and work areas in the same place, recreating landscaped outdoor areas”, explained Jacques Ehrmann, Chief Executive Officer of the Altarea Group.