Deutsche Asset & Wealth Management, owner of 70% of French Printemps department stores, has agreed to sell its stakes to a Qatari investor.
The French luxury retail chain has been purchased by Qatari investors through Luxembourg-based Divine investments SA or Disa. The Qatari-backed fund acquired Deutsche Bank’s 70% stake and the remaining 30% from Italian businessman Maurizio Borletti.
The total amount of the transaction has not been disclosed but it is believed to have reached approximately €1.6 - €1.75 billion.
Printemps was originally purchased for €1.1 billion in October 2006 by a joint venture between DeAWM and the Borletti from Kering (formerly PPR).
Printemps now has 16 stores and around 4,000 employees.