D.Bank, Borletti sell Printemps for 1.75 bln euros -source
FRANKFURT, July 31
FRANKFURT, July 31 (Reuters) - Deutsche Bank and Italian businessman Maurizio Borletti have sold French luxury department store chain Printemps to Qatari investors for 1.75 billion euros ($2.32 billion), a source familiar with the transaction told Reuters.
Deutsche Bank, which owns 70 percent of the tourist shopping hot spot, on Wednesday confirmed the sale but declined to comment on the price tag. Borletti, which owns the rest, was not immediately available for comment.
Reuters initially reported the sale in March.
Deutsche Bank will hand back the proceeds from the sale to investors in a fund that owned the department store, the source said.
Deutsche Bank's real estate investment unit RREEF and Borletti bought Printemps in 2006 from French luxury group PPR , now called Kering, for 1.1 billion euros.
Printemps operates 16 stores with about 4,000 staff. Its 2011-12 turnover rose 13 percent to 1.45 billion euros. ($1 = 0.7547 euros) (Reporting by Kathrin Jones and Arno Schuetze; Editing by Noah Barkin and Ludwig Burger)
- Crunch time for Gaza truce talks as death toll passes 800 |
- 'Weird Al' Yankovic still trying to wrap head around No. 1 album
- World's oldest joke traced back to 1900 BC
- French warplanes search Mali desert for crashed Air Algerie plane |
- Wreckage of Air Algerie plane carrying 116 people found in Mali |