BNP Paribas SA (BNP.FR), France's largest bank by market value, is considering selling all or part of its controlling stake in real-estate investment trust Klepierre SA (LI.FR) in a bid to free capital by trimming its balance sheet, Les Echos newspaper reported Friday, citing unidentified sources.

BNP Paribas is ready to take cash or shares from the buyer in exchange for the stake, the report said.

French real-estate company Unibail-Rodamco SA (UL.FR) might be interested in buying the stake and several large institutional investors, including sovereign funds, may also consider bidding, the report said.

Klepierre mainly owns stakes in shopping malls and its market capitalization stood at EUR3.6 billion on Thursday.

Officials at BNP Paribas weren't immediately available for comment.

Newspaper Web site: http://www.lesechos.fr

-By Paris Bureau, Dow Jones Newswires; 33-1-4017 1740; inti.landauro@dowjones.com

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