Pirelli unit to buy German real estate Co
Deutsche Bank Ag's unit RREEF and the real estate unit of Pirelli SpA have signed a binding agreement to purchase German real estate company BauBeCon for euro 350 million, the Pirelli unit said on Tuesday.
By Agencies |
ROME: Deutsche Bank Ag's unit RREEF and the real estate unit of Pirelli SpA have signed a binding agreement to purchase German real estate company BauBeCon for euro 350 million, the Pirelli unit said on Tuesday.
Under the agreement, RREEF would take 60 percent and Pirelli & C. Real Estate SpA the remaining 40 percent, the Italian company said in a statement. BauBeCon is currently owned by US private equity company Cerberus.
The statement said BauBeCon has a real estate portfolio, primarly of residential houses, worth around euro 1.6 billion.
Under the agreement, RREEF would take 60 percent and Pirelli & C. Real Estate SpA the remaining 40 percent, the Italian company said in a statement. BauBeCon is currently owned by US private equity company Cerberus.
The statement said BauBeCon has a real estate portfolio, primarly of residential houses, worth around euro 1.6 billion.
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