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.
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