The rescue of Karstadt is coming nearer, according to Handelsblatt, following a positive meeting in London between its potential new controlling shareholder, Nicolas Berggruen, and officials of Highstreet, the consortium that owns 75 percent of Karstadt’s real estate. According to the latest reports, Berggruen insisted for an extra €230 million cut in the leases paid to Highstreet over the next five years, on top of a €160 million haircut already promised for the next three years, but the latter wanted a stake in Karstadt in exchange. Most of the German municipalities in which Karstadt stores operate have pitched in by lowering their real estate taxes by around €140 million. A court in Essen is scheduled to approve on July 16 the new owners’ plans to pull Karstadt out of its one-year-old bankruptcy proceedings.