French property company Bail Investissement has spent two years wondering what its future could hold but now its parent company could be proceeding with restructuring
AUS consortium led by Bankers Trust, now Deutsche Bank, bought the company’s main shareholder ISM from Crédisuez a year ago and analysts are predicting that the consortium may soon merge Bail Investissement into a larger property grouping.
ISM controls three other real estate-linked companies in addition to Bail: ICC, Codétour and Sélectibanque. ISM itself is owned 40% by Deutsche Bank, 40% by GE Capital, and 20% by JE Robert. Deutsche Bank – which was prevented by US banking regulations from acquiring 100% ownership – exercises management control over Bail on behalf of the three shareholders.
“The most likely – though as yet unconfirmed – scenario, is that ISM will bring together Bail, ICC and Cod
