RREEF, GREF, Borletti and Pirelli RE consortium acquires 49% stake in Highstreet (DE/IT)

A consortium comprised of RREEF, GREF (Generali Group), Borletti Group and Pirelli RE has signed a binding agreement with Karstadt Quelle AG (Arcandor Group) to acquire its 49% stake in Highstreet, the investment company that owns the majority of the German department store premises. The portfolio comprises 164 properties located in Germany, providing a total gross area of 3.2 million m² (total lettable area of 2.1 million m²).

The Enterprise value is circa

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