Bankers Trust New York Corp. and a group of investors are acquiring a 78% stake in ISM, a French company that controls $2 billion of office, hotels, retail, and industrial properties in Western Europe, the bank said Wednesday.

The sale, expected to close in the second quarter, is one of the largest such investments in Europe in recent years. Credisuez, a finance unit of Suez Lyonnaise des Eaux SA, is selling the stake to the group.

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