Investitori Associati wins auct ion for La Rinascente

A consortium made up of Investitori Associati, Deutsche Bank Real Estate Global Opportunities, Pirelli RE and the Borletti family has won the bidding for the textile activities of La Rinascente with an offer of E888m. A preliminary agreement has been signed and more details regarding the transaction will be available soon. La Rinascente, which operates department stores under the La Rinascente and Upim brands, registered turnover of E925m and net profits of E9m in 2004. The deal is subject to regulatory and antitrust approval and is likely to complete in June 2005. La Rinascente was founded in 1865 when the first shop was opened in Milan. Since 1997, the business has been jointly-owned by the Italian group IFIL and the French hypermarket chain, Auchan.

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• Southern Europe