La Rinascente sold

The Italian retail chain La Rinacente has been sold by Italian-French holding company Eurofind to a group led by real-estate company Pirelli RE SpA. The transaction has been valued at EUR 888 million.Eurofind revealed that the group out-bid a number of rivals like the French department store company Galeries Lafayette.

The Pirelli-led group consisted of a number of parties such as Deutsche Bank Real Estate, the private equity company Investitori Asscoiati, and the Borletti family, which owned La Rinascente before selling it to the Agnelli family in the 1970s.La Rinascente's clothing divisions include Italian chains Upim and Grandi Magazzini.