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ANF Immobilier in Talks for $1 Billion Sale of French Properties

ANF Immobilier, the French real estate developer and largest owner of buildings on the city of Lyon’s main shopping street, said it received offers totaling 816.6 million euros ($1 billion) for some of its properties.

Fonciere des Murs SCA and La Francaise REM have bid about 503.5 million euros for 160 B&B brand hotels, ANF Immobilier said in a statement today. Grosvenor Group Ltd., the U.K. real estate firm owned by the family trust of Britain’s Duke of Westminster, offered to buy a “substantial share” of ANF Immobilier’s residential and commercial buildings in Lyon for about 313.1 million euros.

ANF Immobilier, based in Paris, said it’s in exclusive talks with both potential buyers and may complete the sales by November. The company, which sells newly built or renovated properties to fund new projects, said sale proceeds would allow it to invest in additional developments in Marseille and Lyon, and to expand its business in Bordeaux, where it began operations last year.

“On completion of these disposals, ANF Immobilier will retain substantial resources ensuring its future growth,” the company said in the statement.

Fonciere des Murs is a sale-and-leaseback real estate firm run by Fonciere des Regions SA. La Francaise REM is a closely held asset manager.

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