Thailand’s Central Group has finalized the acquisition of the remaining assets within the KaDeWe Group, a distinguished chain of department stores in Germany, originally belonging to Austrian magnate Rene Benko’s collapsed property empire.
Following its initial purchase of the renowned KaDeWe luxury department store in Berlin earlier this year, Central Group expressed intentions to also acquire the other two stores in the portfolio: Alsterhaus in Hamburg and Oberpollinger in Munich.
Central Group plans to maintain operations of these stores while aiming to reevaluate and potentially renegotiate the rental agreements for the retail spaces, as highlighted in a statement from KaDeWe Group’s administrator Christian Graf Brockdorff, who did not disclose specific financial details.
Signa, the property conglomerate spearheaded by Benko, has faced significant challenges amidst Europe’s real estate turmoil, with creditors pursuing claims amounting to billions of euros.
The purchase price for the distinguished KaDeWe building was previously reported to be around 1 billion euros by the German publication Handelsblatt.
Central Group, operating under Harng Central Department Store Ltd., conducted this acquisition as a private investment, clarifying that entities such as SET-listed Central Retail Plc and Central Pattana Plc were not involved in the transaction, as stated in their earlier announcement.
