French retailer Carrefour has partnered with French real estate group Nexity to develop mixed-use projects across 76 sites in France.
Through the Villes et Commerces initiative, a land portage vehicle owned 80% by Carrefour and 20% by Nexity, the companies will develop environmentally sustainable projects.
Initially, Carrefour will contribute 69 sites to the initiative. The projects will consist of: 40 fully redeveloped city-center sites with integrated food sales areas and 36 redeveloped sites repurposing existing parking spaces for urban development.
This initiative, totaling 800,000 m2, represents the largest urban regeneration project of its kind in France. It aims to create: 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
This is the largest urban regeneration initiative of its kind in France, totaling some 800,000 m2. The aim is to create 12,000 housing units, 120,000 m2 of retail space, 10,000 m2 of office and business space, as well as 17,000 m2 of hotel space.
Prioritizing environmental sustainability, the development will contribute to greener urban spaces.
Aligning with Carrefour's 2026 strategic plan, the project will: integrate Carrefour centers into redeveloped neighbourhoods; develop tailored mixed-use programs; and promote sustainable urban development through green spaces and eco-friendly transportation.
For Nexity, this project accelerates the shift towards urban regeneration, allowing to implement transformative and sustainable development approaches, and address the challenges of urban sprawl and energy transition.
Each site will have a tailored mixed-use program designed in collaboration with local authorities. Development will be managed through individual project vehicles, with Nexity holding majority ownership in most cases.
This latest initiative marks a key milestone in the long-term partnership between Carrefour and Nexity, announced last July, for a series of urban mixed-use operations.