Carrefour and Nexity have announced the creation of Villes et Commerces, a land portage vehicle in which the retailer will contribute a first basket of 69 sites, as part of their long-term partnership announced on July 6.

This vehicle is 80% owned by Carrefour and 20% by Nexity. With the ultimate redevelopment of 76 Carrefour sites through urban mixed-use projects, this partnership will enable the first large-scale urban regeneration project in France.

These 76 sites represent some 800,000 m2, and their development in high environmental performance programs should enable the creation of 12,000 housing units, 120,000 m2 of retail space, 10,000 m² of office and business space and 17,000 m² of hotel space.

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