Pirelli Real Estate CEO Carlo Puri Negri said on Monday that he hopes Arcandor's sale of 49% of the Highstreet portfolio to a consortium of Deutsche Bank, Pirelli RE and the Borletti Group will close by end of March. Pirelli RE expects to hold a 20% stake in the joint venture that will take over 49% of the assets worth EUR 4.7 bn. The Italian property company will also manage all the assets involved in the deal. Arcandor will lease back the department store properties from the new owners. Pirelli announced in December it had signed a letter of intent with Arcandor regarding the sale of the portfolio.
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