Vivendi has sold its CGIS property arm to a group of investors led by French property companies CDC Participations and LBO France. The management of CGIS is taking a 5% stake.
And Lehman Brothers said it will announce by the end of the week whether it wants to be part of the purchasing consortium. The buyers won the bidding after US investor Colony Capital and its partner Caisee de Dépôt du Québec pulled out of the race for the company this week.
No price for the deal is being released but reports have put it at between €610m (FFr4bn) and €762m (FFr5bn).Vivendi is pulling out of property to concentrate on its core activities.
