Amundi Said Lead Bidder for $957 Million European Properties

Amundi SA, the French asset manager majority-owned by Credit Agricole SA, is the lead bidder for European office buildings valued at about 850 million euros ($957 million), according to two people with knowledge of the matter.

The sale is being brokered by CBRE Group Inc on behalf of KanAm Grund Group’s Grundinvest fund, the people said, asking not to be identified because the information is private. They include the 46-story Tour Egee tower in Paris’s La Defense district and offices in Luxembourg and the Netherlands. Spokesmen for Amundi, KanAm and CBRE declined to comment.

German funds including KanAm’s Grundinvest and Credit Suisse Group AG’s CS Euroreal have been selling properties after the pools were frozen because of their failure to meet investor withdrawal requests in the wake of the financial crisis. Grundinvest must be liquidated by the end of 2016.

Separately, KanAm is marketing the Tour Europe office tower in Paris, according to a sales brochure seen by Bloomberg. The company declined to comment.

The fund had 19 properties valued at about 2 billion euros at the end of last year, according to a prospectus on its website.

Amundi, which had its initial public offering last year, was the biggest European buyer of offices in the region in 2015, according to data compiled by Real Capital Analytics. Amundi acquired buildings valued at 2.3 billion euros, which puts it behind non-European investors Qatar Investment Authority, Blackstone Group LP and Brookfield Asset Management Inc.

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