Carmila S.A. is the third-largest listed retail property company in Continental Europe, operating as a Real Estate Investment Trust (REIT). Founded in 2014 by the Carrefour Group and major institutional investors, Carmila's core business model revolves around acquiring, managing, and enhancing the value of shopping centers and retail parks anchored by Carrefour hypermarkets. The company's portfolio consists of approximately 250 shopping centers strategically located in France, Spain, and Italy, with France accounting for the vast majority of its asset value (around 75%) and rental income. Carmila generates revenue primarily through leasing retail spaces to a diverse mix of local and national tenants, including health and beauty brands, apparel, pet stores, and dining outlets. The company leverages the high foot traffic generated by the adjoining Carrefour hypermarkets to attract retailers and maintain high financial occupancy rates, which consistently exceed 96%. In addition to traditional long-term leasing, Carmila actively engages in specialty leasing (pop-up stores and temporary retail), asset transformation, restructuring projects, and digital marketing initiatives to support its tenants and enhance the customer experience. The company's competitive position is underpinned by its symbiotic relationship with Carrefour, its focus on proximity retail, and its robust pipeline of development projects aimed at modernizing its retail destinations.
