Printemps sold to Qatari-backed investors

French department store chain Printemps has been sold by the Deutsche Bank and Italian businessman Maurizio Borletti to Qatari-backed investment fund Divine Investments SA, or Disa, in a deal said to be valued at 1.6 billion euros.

Disa acquired a 70 percent stake from Deutsche Bank's Asset & Wealth Management’s real estate business and the remaining 30 percent from Luxembourg-based Borletti Group, the Deutsche Bank confirmed, however they declined to comment on the price tag.

Commenting on the acquisition, a Disa spokesperson told WWD: "Divine Investments plans to continue the development of the Printemps Group both in Paris and in the rest of France, and to contribute to the international development of this symbol of French fashion and luxury.”

Printemps CEO Paolo de Cesare, who is due to remain in place, stating back in May that the new owners have backed a five-year expansion plan, which is expected to create 500 new jobs, and that they plan to open three new stores in the coming years.

Divine Investments SA finalises Printemps acquisition

The confirmation of the sale on Wednesday, ending months of speculation over the acquisition of Printemps’ department stores, which includes the flagship on Boulevard Haussmann in Paris. Earlier this year the Deutsche Bank announced that it was in exclusive talks with a group of Qatari investors and Borletti to sell its stake in the French group, however it was reported that the Qatari buyers wanted 100 percent ownership.

The Deutsche Bank real estate investment group and the Borletti Group bought Printemps in October 2006 from French luxury group PPR, now called Kering, for 1.1 billion euros.

The finalisation of the Printemps sale follows the news earlier this week of Hudson’s Bay Company acquisition of luxury American retailer Saks for 2.9 billion US dollars.