Rinascente Group to Raise €1.5 Billion in Sale Leaseback of 20 Stores in Italy

The Financial Times reports that the consortium which last year bought Italian retailer La Rinascente is set to sell off its entire real estate portfolio, which could raise up to €1.5bn. The business was bought a year ago for €888m by Pirelli, the Italian company, Deutsche Bank and Investitori Associati, an Italian private equity group.

The trio plan to sell all 20 of the stores they acquired, earning back more than they paid for the entire acquisition. It is understood that the group will keep its La Rinascente-branded stores on long-term sale and leasebacks but will sell its mid-market Upim department stores outright to other retailers or property groups. Sphere: Related Content