PARIS, France - Europe's largest retailer, Carrefour, is in advanced talks to buy over 100 shopping malls in France, Spain and Italy owned by real estate group Klepierre for 1.7 billion euros, French daily Le Figaro said on Thursday.

Carrefour and Klepierre could not be immediately reached for comment.

The move, if confirmed, would be a reversal from a deal in 2000 that had seen Carrefour sell over 150 of its shopping malls to Klepierre to cut debt and fund an expansion spree abroad.

Since the arrival of new CEO George Plassat in May 2012, Carrefour has sold non-core assets abroad to cut debt and fund the revival of its French business and growth in its core emerging markets of China and Brazil.

Plassat has stated repeatedly that there is value to generate from operating shopping malls.

According to the paper, which did not cite its sources, Carrefour could fund half of the deal with loans from banks and try to secure the remaining 850 million euros from institutional investors.

"Carrefour would like to attract five or six investors that would buy a 100-200 million euro ticket each," the paper said, adding that Carrefour had mandated BNP Paribas and Kempen to find these investors.