Deutsche Bank AG’s RREEF real estate investment unit said it’s in exclusive talks to sell its 70 percent stake in French department store operator Printemps to co-owner Borletti Group and Qatari investors.
The parties started the negotiations today, RREEF and Borletti, which owns 30 percent of Printemps, said in a statement. No further details were provided.
Italian investor Maurizio Borletti, the group’s owner, doesn’t want to sell his holding, a spokeswoman told Bloomberg in December.
The latest negotiations could end rival Groupe Galeries Lafayette’s chances of buying Printemps.
“Galeries Lafayette never hid its interest in Printemps,” the company said in an e-mailed statement. “The group will keep a close eye on how the deal unfolds.”
Dalian Wanda Group Corp. is also interested in Printemps, Senior Vice President Hu Zhanghong told French newspaper Les Echos in December.