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@TheBrick(Tommy)
If it's a Gazzel it's more likely to be made for 700 cc wheels. I think 27" where more of a British thing.
I even seem to remember reading somewhere something about raleigh introduced 27" as a way of starting a new standard. This could well be possible as the Raleigh factory was at one point the biggest factory in the world and the entire bikes where built there, not just the frames, so starting a new standard might be a good way for them to maximize the use out of their rim rolling machines as they could sell off extra rims. As I said I can't be sure on this Raleigh fact so don't go using it in any paper.