After being handed the reins of Carrefour’s newly created shopping mall division, Carmila, Jaques Ehrmann has laid out a 5 year plan aimed at both strengthening as well as growing the value of the real-estate portfolio.
- Acquire some 25 additional shopping centers, currently neighboring Carrefour’s hypermarkets in France, Italy and Spain over a period of 3 years for an estimated investment of EUR 200 to EUR 300 million annually.
- Extend some 37 sites by a total of 250,000 square meters for an estimated EUR 500 million investment.
- Refurbish Carrefour’s existing galleries for an estimated EUR 250 million investment.
Carrefour has now set its Property and Carmilla divisions in a position to start generating economies of scale by gradually starting to share property and asset management, legal and accounting services.
The two entities have also set-up office next to Carrefour France’s headquarter in Boulogne-Billancourt. Also, both share a similar structure with Carrefour, where as in France is managed by regions (North, East, West, Paris, etc) with the other markets (Italy, Spain) also having a management structure comparable to the retailer’s.
Ehrmann’s previous experience is centered on real-estate and includes heading Casino’s real-estate division, Mercialys up to 2013. In 2013 he joined Carrefour as Executive Director of Real-estate, Development and New Businesses. In early 2014 Ehrmann participated in the set-up of Carmilla, Carrefour’s shopping center management division. Carmila now owns and operates 171 shopping centers in Italy, France and Spain with a total real-estate value of EUR 2.7 billion.