French supermarket giant Carrefour has divested a portfolio of 97 supermarkets in France as part of its strategy to raise capital to fund new development projects.

The portfolio was sold for EUR 365 mln to La Française Real Estate Managers, an SCPI property fund manager. The deal reflects a cap rate of 6.5%.

The properties were leased back by Carrefour through 12-year fixed leases, with multiple renewal options.

La Française AM was created in 2009 through the merger of UFG and La Française des Placements Investissements. The company is majority owned by Crédit Mutuel Nord Europe and manages roughly EUR 6 bn in real estate assets.