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credit: Bloomberg
credit: Bloomberg

Signa sell-off continues

The Thai co-owner wants to take over René Benko’s entire British luxury department store, Selfridges, as further Signa shares are being sold.

The restructuring is already in full swing. The Austrian real estate group Signa is disposing of several holdings. The Thai Central Group wants a majority stake in the British luxury department store Selfridges. This is to be achieved by converting a loan into equity. The two companies acquired half of the Selfridges shares for around four billion British pounds two years ago.

In Germany, Signa and the Central Group also hold shares in the luxury department stores of the KaDeWe Group. In spring, Signa sold its shares in the Berlin KaDeWe building to the Thais.

This news follows Signa´s recent return of its stake in Eataly´s German subsidiary. According to a report in “Handelsblatt”, Signa has returned its 45 percent stake in the German subsidiary of Italian market hall operator Eataly. The German company is now 100 percent owned by Eataly.

Signa had ambitious plans for the joint venture with the Italian delicatessen chain at the beginning in October 2015. However, these plans were never implemented, and no location other than Munich was opened.

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