Pirelli Re, RREEF Agree to Purchase Baubecon for EU1.7 Billion

17 Jul 2007 • by Natalie Aster

Pirelli & C. Real Estate SpA and Deutsche Bank AG's property unit RREEF agreed to buy Baubecon GmbH from Cerberus Capital Management for 1.7 billion euros ($2.3 billion) including debt, reported The Bloomberg.

RREEF will purchase 60 percent of Baubecon's residential properties and Pirelli Re will own the rest, Milan-based Pirelli Re said in a statement today. Pirelli Re will acquire 100 percent of the Baubecon unit that manages real estate, the company said.