Italian-French holding company Eurofind has sold the La Rinascente retail chain to a group headed by real estate company Pirelli RE SpA in a transaction valued at €888 million.

Eurofind said the purchaser out-bid several rivals such as French department store compamy Galeries Lafayette.

The Pirelli RE-led group also incorporates Deutsche Bank Real Estate, private equity company Investitori Associati, and the Borletti family, which owned La Rinascente until it sold to the Agnelli family in the 1970s.

La Rinascente's clothing divisions include the Italian chains Upim and Grandi Magazzini.