Arcandor, the largest department store owner in Germany, has signed a letter of intent to sell its 49% stake in the EUR 4.7 bn Highstreet real estate company to a syndicate of Deutsche Bank's RREEF unit, Milan-based Pirelli Real Estate and the Italian family-run Borletti Group. Arcandor said earlier it expected to realise capital gains of EUR 800 mln from the sale.
Swiss real estate group Investis has boosted its real estate holdings with the CHF 139 mln (€149 mln) purchase of prime residential properties in Vaud canton.
