A consortium of investors organized by Bankers Trust purchased ISM, a French real estate company, from Credisuez, the real estate arm of Groupe Suez Lyonnaise.
The deal is one of the largest real estate acquisitions in France in the last five years. The consortium of buyers includes GE Capital.
ISM owns an asset management company with diverse stakes in publicly traded property companies that control a large portfolio of offices, hotels, retail and industrial properties, mainly in France but also in London, Barcelona, and Lisbon.
The deal "clearly demonstrates our belief in the sector," said Bertrand Schwab, director, real estate investment banking, at Bankers Trust.