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.
Portuguese real estate investor and developer Bondstone is investing around €70 mln in a residential development in Belas Clube de Campo, municipality of Sintra, Portugal.
