CRC To Buy La Rinascente For €260M
La Rinascente shareholders have approved the sale of the company to Thailand’s Central Retail Corporation.
La Rinascente shareholders have approved the sale of the company to Thailand’s Central Retail Corporation (CRC), PropertyEU reports. CRC will pay €205 million in cash and assume €55 million of debt in the Italian department store group. Investitori Associati is the largest stakeholder in La Rinascente with a 46% share, while Deutsche Bank’s RREEF holds a further 30%, followed by Prelios with a 20% share. The sale is awaiting approval from the Antitrust authority. The sellers were advised by some of Citi lawyers on the deal.
Click here for the story from PropertyEU.
Click here for additional coverage from Bangkok Post.