Goldman Sachs, which took a 51% stake in the property assets of Germany's KarstadtQuelle as part of a restructuring of the department store chain 15 months ago, is expected to make more than €500m ($673m) through a sale of the real estate.

KarstadtQuelle has appointed Goldman and Rothschild, which have both worked for the retailer before, as advisers on the sale of its property assets in a deal which is expected to raise €5.5bn.