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The deal between the insolvent Signa Prime and the Thai Central Group was sealed this week. /// Image: apa/dpa/Christoph Gateau
The deal between the insolvent Signa Prime and the Thai Central Group was sealed this week. /// Image: apa/dpa/Christophe Gateau

Central Group Takes Over KaDeWe From Signa Group In Berlin

The deal between the insolvent Signa Prime and the Thai Central Group was sealed this week, according to informations obtained by “profil”. The transaction volume is expected to be over 1.2 billion euros.

It had been known for some time that Signa Prime, to which KaDeWe belongs, was negotiating with the Thai company. Neither Signa nor the Central Group have commented on the deal for the time being.

A price was agreed a few days ago, according to reports: just over 1.2 billion euros will be paid for the deal. Signa and the Central Group are long-standing business partners. Since 2015, Central has held a 50.1 percent stake in the KaDeWe Group, which includes the department store in Berlin, the Alsterhaus in Hamburg and the Oberpollinger in Munich. However, the Alsterhaus and Oberpollinger are still owned by Signa Prime, or at least for the time being. According to profil, the current deal relates exclusively to the property in Berlin.

The Central Group also holds stakes in the insolvent Lamarr in Vienna’s Mariahilfer Strasse and in the luxury department store chain Selfridges in the UK. What will happen with the Lamarr, for example, is still completely open. Around thirty interested parties have expressed at least a cautious interest in buying it. The Central Group is also being discussed as a possible new and then sole owner.