RREEF Real Estate has confirmed that it has entered into exclusive negotiations to sell its stake in the French department store chain Printemps.
RREEF Real Estate has confirmed that it has entered into exclusive negotiations to sell its stake in the French department store chain Printemps.
RREEF Real Estate said it is in talks with the Italian Borletti Group in association with Qatari investors, for the sale of its 70% interest in the French group, which specialises in fashion, beauty and decorative items.
Borletti is the owner of La Rinascente department store chain in Italy.
According to press reports, the bid values Printemps at around €2 bn. Printemps owns 16 stores and had a turnover of €1.45 bn in its 2011/12 year. The group's best known asset is a flagship store on boulevard Haussmann in Paris.
The acquisition is subject to works council approval and the French anti-trust authority.
RREEF Real Estate - the real estate investment business of Deutsche Bank’s Asset & Wealth Management division - purchased Printemps in 2006 from retail and luxury group PPR group in association with the Borletti Group for €1.1 bn. They are believed to have spent around €350 mln on renovations since then.
