Carrefour is planning to exit its retail business in S’pore, M’sia & Thailand and may call for bids by early Sep with Tesco, Aeon, Dairy Farm, Big C Suprercenter and Lotte Group said to be among the potential buyers. The French hypermart operates 2 stores in S’pore and is an anchor tenant at Suntec City Mall and Plaza Singapura, which are owned by Suntec Reit and CMT respectively.
The 141,470 sf Suntec store (17% of retail space) opened in 1997 while the 70,000 sf Plaza Singapura store started operations in 2003. Based on our estimates, Carrefour contributes about 6.4% of Suntec Reit’s its retail revenue or 3.4% of total revenue. The impact on CMT is even more marginal as Carrefour occupies only 14% of Plaza Singapura’s retail NLA, which in turn accounts for 14% of CMT’s entire portfolio revenue.
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