Cargo's assets are worth about 900 million euros (£809 million) in total, and Carrefour, which owns 32% of the firm, said it would receive about 290 million euros from the deal in a mix of cash and Argan shares.

It will hold a 5% stake in Argan after the transaction.

Carrefour - which is in the midst of a five-year restructuring plan to boost group sales and profits as it faces pressure in its home market from rivals like Leclerc as well as Amazon - said this latest disposal was part of its plan to shed 500 million euros in non-strategic property assets by 2022.

(Reporting by Sarah White ; Editing by Matthias Blamont)