French bank BNP Paribas SA (BNP.FR) Thursday said it has agreed to sell its 28.7% stake in French real estate company Klepierre SA (LI.FR) to Simon Property Group Inc. (SPG) for EUR1.5 billion.

The bank said the move is part of BNP Paribas' plan to increase its common equity Tier 1 ratio by 100 basis points to reach 9% on a fully-loaded Basel 3 basis by Jan. 1, 2013, adding that the disposal of its Klepierre stake "will contribute 32bp to this target."

BNP Paribas will own 22.2% of Klepierre's capital after the deal, and the bank said it "plans to remain a significant shareholder in the company."

BNP Paribas will keep the remaining stake for at least one year, it said in a statement.

-By Nadya Masidlover, Dow Jones Newswires; +33 1 4017 1740; nadya.masidlover@dowjones.com

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