Thailand's Central buys German luxury retail property KaDeWe - Hindustan Times
close_game
close_game

Thailand's Central buys German luxury retail property KaDeWe

Reuters |
Apr 12, 2024 08:56 PM IST

Thai retailer Central Group has acquired the landmark KaDeWe property in central Berlin from the insolvent Austrian company Signa

DUESSELDORF (Reuters) -Thai retailer Central Group has acquired the landmark KaDeWe property in central Berlin from the insolvent Austrian company Signa in what it said was another step towards buying the group.

Thai retailer Central Group has acquired the landmark KaDeWe property in central Berlin(Pixabay)
Thai retailer Central Group has acquired the landmark KaDeWe property in central Berlin(Pixabay)

Central said in a statement on Friday that it was optimistic about talks to acquire the entire KaDeWe Group, which includes Alsterhaus in Hamburg, and Oberpollinger in Munich.

Unlock exclusive access to the latest news on India's general elections, only on the HT App. Download Now! Download Now!

The Thai retailer already holds a 50.1% majority stake in the group.

Also Read: Retail chains, hotels rush to ramp up presence in temple towns such as Ayodhya and Varanasi

"The acquisition of the KaDeWe building is the first important milestone for us in the attempt to restore and restructure the KaDeWe Group operating company towards a sustainable, financially viable business," said Vittorio Radice, board member of Central Group Europe, in a statement.

Also Read: Luxury brands lease 0.6 mn sq ft of retail space in 2023; High Streets emerge as the top leasing choice

The insolvent Signa Prime, which owns shares in the KaDeWe luxury department stores, declined to comment.

The purchase price for the building, a popular tourist destination in Berlin, was reported by the German business daily Handelsblatt at roughly 1 billion euros ($1.07 billion).

Central did not say how much it paid for the property.

Signa, the property empire founded by tycoon Rene Benko, has been one of the biggest casualties of Europe's real estate crisis, with creditors filing claims worth billions of euros.

Also Read: 8 mn sq ft of mall supply likely to hit the market this year: Cushman & Wakefield report

The group's holding company, which sits at the centre of a web of hundreds of firms, has declared insolvency, as have its two most important units, Signa Prime and Signa Development.

(Reporting by Matthias Inverardi, Chayut Setboonsarng and Francois Murphy, Writing by Miranda Murray, Editing by Friederike Heine and Rachel More)

Tell us what your First Vote will stand for in a short video & get a chance to be featured on HT’s social media handles. Click here to know more!

Get Current Updates on India News, Elections 2024, Lok sabha election 2024 voting live , Karnataka election 2024 live in Bengaluru , Election 2024 Date along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Sunday, May 19, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On