FRANKFURT, July 31 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
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)