Deutsche Asset & Wealth Management and Borletti Group sell Printemps department stores to Qatari investor (FR)

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.

Source: Deutsche Asset & Wealth Management

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