France lost tens of millions in building to Carlyle

10th October 2007, Comments 0 comments

10 October 2007, PARIS (AFP) - The French government could have earned some 35 million euros (50 million dollars) more from a Paris building it sold to US investment fund Carlyle, the daily Le Figaro reported Wednesday citing a confidential report.

10 October 2007

PARIS (AFP) - The French government could have earned some 35 million euros (50 million dollars) more from a Paris building it sold to US investment fund Carlyle, the daily Le Figaro reported Wednesday citing a confidential report.

Carlyle bought the national printing office building in the 15th arrondissement in 2003 for 85 million euros, and recently sold it to the foreign ministry for nearly 377 million euros.

While the report by the government's inspector general did not criticize the repurchasing of the building, it concluded the 2003 sale was concluded very poorly, Le Figaro said.

The sale price "was tens of millions of euros less than it could have been," the newspaper quoted the report as saying.

It calculated an additional 35 million euros could have been gotten for the building, and criticized the easy payment terms granted Carlyle, which only began to pay for the building in 2006, or 31 months after signing the purchase agreement.

http://www.thecarlylegroup.com

http://en.wikipedia.org/wiki/Carlyle_Group

AFP

Subject: French news

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