KLPEF Klepierre SA (PK)

By Inti Landauro

PARIS--French bank BNP Paribas SA (BNP.FR) Thursday said it sold a 7% stake in real estate group Klepierre SA (LI.FR) for 870 million euros ($987.3 million) in a private placement to institutional investors.

Simon Property Group Inc. (SPG), which already owned 18.3% in Klepierre, bought 2% of the company's shares, BNP Paribas said in a statement.

The bank sold the stake at EUR39.60 a share, or 4.5% below the closing price on Wednesday.

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.

Shares of Klepierre opened 3.3% lower on Thursday at EUR40.09.

-Write to Inti Landauro at inti.landauro@wsj.com

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