Arcandor signs letter of intent to sell real estate to consortium UPDATE |
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Published
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Wed, 12 Dec 2007 17:07
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(Updates to add agreement to swap department store stakes)ESSEN, Germany (Thomson Financial) - Arcandor AG said it signed a letter of intent to sell its 49 pct stake in real estate holding Highstreet to a consortium of Deutsche Bank AG's RREEF, Pirelli Real Estate SpA and Borletti Group.The total value of the transaction will likely reach 800 mln eur, Arcandor said in a statement.The move will complete the sell-off of Arcandor's department store properties, which it will now rent from its new owners.As part of the deal, the annual rent for the department store portfolio will be increased by 20 mln eur, Arcandor said.Arcandor also said it agreed to transfer up to 25 pct of its premium department store segment to the consortium in exchange for up to 25 pct of Italian department store chain La Rinascente and French Printemps.The stake swap would also include rights to a seat on the supervisory board, Arcandor said.maria.sheahan@thomson.commas/am/mas/amCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Arcandor signs letter of intent to sell real estate to Deutsche Bank, Pirelli 