The Highstreet real estate consortium will place a bid Thursday afternoon or as late as Friday morning to acquire insolvent German retailer Karstadt, several people familiar with the matter told Dow Jones Newswires on Thursday.

There is growing concern that none of the three binding bids that are expected to be submitted for Karstadt by Friday will be accepted, which could lead its insolvency administrator Klaus-Hubert Goerg to once again extend the bidding deadline, people familiar said.

Highstreet, led by Goldman Sachs Group Inc. (GS), is already a major owner of Karstadt properties. The other bidders include investment funds Berggruen Holdings and Triton.

-By William Launder and Paola Longo; Dow Jones Newswires; +49 69 29 725 515; william.launder@dowjones.com
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