Iconic French department store chain Printemps has been sold to the Divine Investments SA (DISA) group, a fund backed by Qatari investors. In a transaction worth around €1.6 billion (£1.4 billion), the acquiror obtained a 70% from Deutsche Bank’s RREEF Real Estate and the remaining 30% from Italy’s Borletti Group.

“Divine Investments plans to continue the development of the Printemps Group both in Paris and in the rest of France, and to contribute to the international development of this symbol of French fashion and luxury,” a Disa spokesperson told WWD.

RREEF Real Estate and the Borletti Group originally purchased Printemps from the then-PPR (now Kering), in October 2006.

Printemps CEO Paolo de Cesare said back in May that the new owners have backed a five-year expansion plan – expected to create 500 new jobs. They plan to open three new stores in the coming years.