BNP BNP Paribas

By Noemie Bisserbe

PARIS--French bank BNP Paribas SA (BNP.FR) said Wednesday it plans to sell a 7% stake in retail landlord Klepierre (LI.FR) in a private sale to institutional investors.

Simon Property Group Inc. (SPG), which currently owns 18.3% of Klepierre, has placed an order to acquire an additional 2% of the company's shares, BNP Paribas said in a statement.

The French bank said it would keep the 6.5% stake it will still hold in Klepierre after the proposed sale for at least 90 days.

Write to Noemie Bisserbe at noemie.bisserbe@wsj.com

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