The sale of Arcandor’s 49 percent stake in a retail property joint venture with Goldman Sachs’ Whitehall Fund took a twist last night after one of the parties to the deal issued a denial over plans to create a luxury European department store group.
Pirelli Real Estate said no “Letter of Intent” had been signed regarding the exchange of shares between Arcandor’s Karstadt chain, Italy’s La Rinascente and France’s Printemps.
