Maurizio Borletti, CEO Borletti Group (photo: Frédéric Réglain)
Savvy investor: Maurizio Borletti
could sell his
stake in Printemps
to the Qataris
As per the terms of their contract, Rreef entered into exclusive negotiations with asset & investment manager Maurizio Borletti earlier this year for the sale of its majority stake in Printemps.
According to Reuters
, which claims to have seen "official documents", the Qataris have now gone one step further and are negotiating with Maurizio Borletti
for full control of Printemps
They obviously feel that the Italian has done a good job at Printemps
, otherwise they wouldn't be offering the Borletti
team a seven-year contract to continue running operations.
Over the last six years, Borletti
has positioned the company even more emphatically in the luxury segment via, for instance, the listing of more top brands.
Should the Qataris use their virtually limitless funds to hunt for department store acquisitions in Germany, they will surely have a congenial partner in Maurizio Borletti.
current engagement in Germany is relatively small (a 2 per cent stake in real estate investment company Highstreet
which is likely to be sold soon), he
has intimate knowledge of the sector.
mounted an ultimately unsuccessful takeover bid for Karstadt
in 2010 and is well acquainted with the value of Metro Group subsidiary Kaufhof