Deutsche Bank and the Borletti Group have completed the 100 percent sale of French luxury department store Printemps to a Qatari investment group for an estimated cost of 1.75 billion euros ($2.32 billion), according to numerous media reports, including Bloomberg and Reuters.
The owners of the department store, as well as Printemps’ rival retail group Galeries Lafayette, had been wooing Qatari investors to purchase the high-end shops for months.
Although the identities of Printemps’ new owners remain unclear, the purchase was made by Qatari-controlled Divine Investments SA, or Disa, which was registered in Luxembourg earlier this year to manage the Printemps the deal, WSJ reports.
Printemps is just the latest iconic French name that has been purchased by Qatari investors, with past investments including the Paris Saint Germain football club, the Virgin-Monoprix building on the Champs Elysees, and four French luxury hotels.
The state of Qatar is also jointly investing $393 million into small- and medium-sized enterprises in France.
Credit: Photo by Omar Chatriwala