BT Consortium Purchases French Real Estate Interests

New York City?In yet another indication of U.S. investor interest in Europe, a consortium organized by Bankers Trust and including GE Capital and American investment fund JER Fund ac-quired French real estate holding company ISM from Groupe Suez Lyonnaise's real estate arm, Credisuez. ISM entirely owns an asset management company that in turn holds ownership interests in several property companies: a 46.6 percent interest in Selectibanque, 23 percent of Bail Investissement, 36.3 percent of Codetour and an indirect 61 percent of Immobiliere Complexes Commerciaux. These companies directly or indirectly control a large portfolio of properties in France as well as London, Barcelona, Spain and Lisbon. The asset management company was key to the consortium's decision, and the deal was one of the largest in France's real estate market in the past five years. A group of firms led by Bankers Trust Corp.?including BT Alex. Brown, BT Capital Partners, Apollo Real Estate Advisors L.P. and Pelham Partners Ltd.?invested $100 million in Britain's Regus Business Centre P.L.C. in early August.

?Pia Wilson, Senior Associate Editor