Famous French department store chain Printemps will most likely belong to Qatar soon, as rival groups fight over who will control the sale.
Le Printemps is currently 70 percent owned by Deutsche Bank real estate investment unit RREEF and 30 percent by the Borletti Group, which is headed by Italian businessman Maurizio Borletti.
According to Reuters, Borletti and RREEF had been talking to Qatari investors about selling Le Printemps to investors for some $2.64 billion.
But now, rival French luxury retail group Galeries Lafayette is pushing Qatari investors to drop their support of Borletti and instead consider their proposal, Le Figaro reports.
Under those terms, Qatar would buy Printemp’s real estate assets for $1.3 billion while Galeries Lafayette pays $1 billion to buy its operations.
Regardless of who Qatar ties up with, the purchase of Printemps would expand its portfolio of high-end investments, including its purchase of Harrods, acquisition of Valentino and stakes in LVHM and Porsche.
It would also further its business ties with France, most recently demonstrated through the country’s purchases of football club Paris Saint Germain and the Virgin-Monoprix building on the Champs Elysees, as well as four French luxury hotels.