Tikehau Capital has bought a retail portfolio in France from Icade for €126.2m.
The asset manager said it signed an agreement to buy the portfolio of Mr Bricolage stores.
This portfolio, mostly bought by Icade in early 2008, includes 36 assets.
Tikehau said the sale of the portfolio generated “considerable interest” among investors.
Tikehau, which is refocusing on real estate, bought the assets through a French OPCI vehicle, taking a shareholding in the company with other institutions.
For Icade, the sale is part of a withdrawal from the retail sector.
The Paris-based group is concentrating on office and business-park properties.
The share of its non-strategic assets will be reduced to a very low level by year-end, Icade said.
Despite macro-economic concerns, France has seen significant activity in its retail property sector this year.
In July, listed companies Klépierre and Corio reached an agreement to merge.
The French REIT’s €7.2bn purchase of its Dutch counterpart was due to be rubber-stamped early in 2015.
Last month, Allianz Real Estate and UK REIT Hammerson bought a French retail asset from Unibail-Rodamco for €312.5m.
The two companies will jointly invest in the Nicetoile Shopping Centre in Nice.