Global law firm White & Case LLP has advised Klépierre, a leading shopping center property company in Europe, on its proposed disposal of a portfolio of 127 retail galleries to a consortium led by Carrefour and capitalized by institutional investors at €2 billion.

Representing a total area of approximately 476,000 square metres, the portfolio consists of 127 small to medium sized retail galleries, including 57 assets in France (70 percent of the transaction value), 63 in Spain (19 percent of value) and seven in Italy (11 percent of value).

The proposed transaction, which is expected to close during the second quarter of 2014, significantly rebalances Klépierre's shopping centers portfolio in favor of its key strategic regions.

The White & Case team was led by partner Brice Engel with support from associates Louise Duvernois, Anne Petitjean, and Amandine Lieurade on real estate matters and Guilain Hippolyte, Noémie Baroux and Léo Catafau-Castellet on corporate matters.