French furniture retailer BUT has sold a portfolio of 25 stores across France for a total of EUR 200 mln. The buyers are Shopping Property Fund 1, an OPCI investment vehicle managed by BNP Paribas, and investment firm Compagnie de Phalsbourg.

The disposals were carried out through a sale-and-leaseback structure, with BUT renting back the entire portfolio under a long-term agreement.

Compagnie de Phalsbourg confirmed on Tuesday that it was buying six of the 25 assets for some EUR 80 mln. The properties include a 7,800-m2 store in Vannes and a 10,000-m2 shop in Caen bought in partnership with a private investor. Four properties offering a combined 40,000 m2 were purchased in Osny, Mulhouse, Nantes and Lorient.

BNP Paribas REIM was not directly available for comment.

BUT, which is owned by Goldman Sachs, OpCapita and private equity firm Colony Capital, will use the proceeds of the sale to reduce its debt.