French REIT Icade has signed an agreement with Tikehau Capital to sell a portfolio of Mr Bricolage stores for a total of €126 mln.

French REIT Icade has signed an agreement with Tikehau Capital to sell a portfolio of Mr Bricolage stores for a total of €126 mln.

The portfolio, mostly acquired by Icade in early 2008, comprises 36 assets located throughout France.

The purchase reflects Tikehau Capital's goal to refocus its investment activities on real estate, the company said.

Tikehau Capital Group was set up in 2004 to invest and manage long-term capital for institutional and private investors through various asset classes (listed and private equity, credit and real estate). Majority-held by its managers alongside first-tier institutional partners, Tikehau Capital has almost 100 employees with offices in Paris, Brussels, London and Singapore.

For Icade, the property subsidiary of Caisse des Dépôts, the deal allows it to exit the retail segment as part of a strategy to focus on office and business park properties.

The acquisition was carried out by an OPCI vehicle managed by Tikehau IM. Tikehau Capital is one of the shareholders in this vehicle, along with leading institutional partners.

Icade was assisted by Catella in the sale.