France's Carrefour, the world's second-biggest retailer, said Tuesday it was selling 97 of its supermarket properties to lease them back as part of efforts to better utilise capital. The sale of the properties will bring in 365 million euros ($477 million) and the funds will be reinvested into real estate development projects, the company said in a statement.
"In the future, the Group will continue to operate these supermarkets under the Carrefour Market banner with 12-year initial leases, with multiple renewal options," it said. The company has repeatedly cut its 2011 earnings forecast given the uncertain business climate in Europe.