France's Carrefour eyes second-quarter 2017 4.5 billion euros IPO of Carmila arm

French retailer Carrefour is eyeing an initial public offering in the second quarter of 2017 for its commercial property arm Carmila that could value Carmila at up to 4.5 billion euros ($4.8 billion), newspaper Les Echos reported.

Carrefour was looking at a Carmila initial public offering (IPO) between April and June next year, the French business newspaper added, citing several sources.

Les Echos said investment banks Morgan Stanley and Societe Generale were handling the possible Carmila IPO for Carrefour. A Carrefour spokeswoman declined to comment on the situation.

Carrefour Chief Executive Georges Plassat had already said in July that it was "legitimate to think about an IPO for next year" for Carmila.

Analysts say floating Carmila, which ranks among Europe's five largest commercial property firms, would allow Carrefour to get extra cash to fund its expansion and also unlock some hidden value within Carrefour's asset portfolio.