Thai retailer Central Group has acquired the landmark KaDeWe property in central Berlin from the bancrupt Austrian firm Signa in what it stated was one other step in the direction of shopping for the group.
Central stated in a press release on Friday that it was optimistic about talks to amass the whole KaDeWe Group, which incorporates Alsterhaus in Hamburg, and Oberpollinger in Munich.
The Thai retailer already holds a 50.1 % majority stake within the group.
“The acquisition of the KaDeWe constructing is the primary vital milestone for us within the try to revive and restructure the KaDeWe Group working firm in the direction of a sustainable, financially viable enterprise,” stated Vittorio Radice, board member of Central Group Europe, in a press release.
The bancrupt Signa Prime, which owns shares within the KaDeWe luxurious malls, declined to remark.
The acquisition worth for the constructing, a well-liked vacationer vacation spot in Berlin, was reported by the German enterprise each day Handelsblatt at roughly 1 billion euros ($1.07 billion).
Central didn’t say how a lot it paid for the property.
Signa, the property empire based by tycoon Rene Benko, has been one of many greatest casualties of Europe’s actual property disaster, with collectors submitting claims price billions of euros.
The group’s holding firm, which sits on the centre of an online of tons of of corporations, has declared insolvency, as have its two most vital models, Signa Prime and Signa Improvement.
By Matthias Inverardi, Chayut Setboonsarng, Francois Murphy and Miranda Murray; Editors: Friederike Heine and Rachel Extra
Be taught extra:
Selfridges Thai Co-Proprietor Takes Management as Signa Struggles
Thai conglomerate Central Group stated it’s taken management of the corporate that runs London’s landmark Selfridges division retailer after the monetary woes of its Austrian accomplice Signa deepened.
