Italian investment company Pirelli Real Estate (Pirelli RE), together with Deutsche Bank's spin-off for real estate RREEF, are intent on acquiring a portfolio of properties, located in Germany at the cost of 4.5 billion euro, Propertyweek reported.
The two companies have won the tender for the retail units portfolio of the German tourist group Arcandor, which comprises 85 outlets and a 20 to 30 per cent stake in Arcandor.
Although media have quoted the amount of the transaction, the financial parameters of the deal have not yet been pinpointed, Pirelli RE said in an official statement.
In March 2006 Arcandor, which was then named KarstadtQuelle, sold its real estate portfolio to a partnership company, 49 per cent of which was owned by Arcandor and 51 per cent of which was held by Whitehall, the property fund of Goldman Sachs.
Pirelli RE set up partnership with Unicredit Bulbank in the middle of 2007, designed towards investment in Bulgarian real estate. RREEF incorporated a joint stock company with Bulgarian construction-investment company Winslow Developments in 2006 to the same end.
