BNP sells remaining stake in Klépierre
French bank BNP Paribas has sold its 6.5 percent stake in Klépierre, a French retail real estate firm, for €829 million ($908 million). The buyers were undisclosed institutional investors.
“This transaction is part of BNP Paribas’ active management of its equity investment portfolio,” said the company in a statement. “The result of the private placement will be announced after the closing of the book building,” it added.
In May, BNP Paribas sold a 7 percent stake in Klépierre and said it would keep the 6.5 percent stake it still held in the real estate company for at least 90 days. Also in May, Simon Property Group, which held 18.3 percent of Klépierre’s share capital before this transaction, acquired an additional 2 percent.