Consortium de Réalisation, the defeasance structure set up by French bank Crédit Lyonnais, is selling 170,000m2 of property. It has appointed two banks, Rothschilds and Paribas, to market the assets through private tender. The properties are expected to fetch more than €610m (FFr4bn).
The banks will be holding negotiations with interested parties during this month. The French press suggest that potential bidders include Unibail, Hammerson, Société Foncière Lyonnaise and Rodamco.
CDR was set up by Crédit Lyonnais in 1995 to group together the bad property debt and associated assets following the bank’s disastrous property lending in the late 1980s and early 1990s.
