Pirelli is selling assets from the Karstadt portfolio in Germany.
At the company’s half-yearly results presentation last month, Pirelli said it had received “unsolicited offers” for parts of the 164-asset retail portfolio.
Pirelli, who formed a consortium with the Borletti Group, Generali and RREEF, bought a 49%-stake in March.
Pirelli said it expected to complete sales in the fourth quarter. “We think we can to do some fast trading on it,” said Pirelli chief executive Carlo Puri Negri last month.
“This was not in our business plan,” said asset manager Rodolfo Petrosino. “But we have already had interest for single assets and small portfolios, and have some assets under negotiation at good margins.”
Pirelli is also looking at an exit from its Italian retail venture with the high street chain UPIM, and has ruled out new acquisitions for the remainder of this year.
The company’s first-half operating profit fell to €49.2m from €105.7m in the same period last year.
