Credit: Galeria Kaufhof

SIGNA takes full control of Galeria Karstadt Kaufhof

The company is acquiring all shares of the Galeria Karstadt Kaufhof department store group.

Signa has reached an agreement in this regard with the Hudson’s Bay Company. HBC had previously owned 49.99 percent of the joint operating company.

Stephan Fanderl, Managing Director of Signa Retail and CEO of Galeria Karstadt Kaufhof, said: “This is good news for our company. Almost seven months after the merger of the two department store chains, we can continue the restructuring and integration process – which is demanding and challenging for all employees – with a high degree of reliability on the owners’ side. The decision paths are shorter, simplified – and that is important and as it should be.”

Last year, Signa (50.01 percent) and HBC (49.99 percent) had merged the two department store chains under the operative leadership of Signa. Since then, the management team led by Fanderl has initiated a comprehensive integration process. The goal is to make the department stores future-proof and to create one of the leading omnichannel providers in the digital age.

The agreement also states that the Belgian department store operator Galeria Inno will be wholly owned by Signa. Hudson’s Bay Netherlands on the other hand will once again be fully owned by Hudson’s Bay Company.

As a part of the agreement, Signa will also acquire all shares of the jointly owned European real estate portfolio from HBC. To date, the two companies had each owned 50 percent of the portfolio.

The relevant contracts between HBC and Signa have already been signed. The transaction is expected to close by the autumn. The closing of the transaction is subject to merger control approval and customary closing conditions

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

intu Lakeside launches new leisure offer to attract higher footfall

intu has launched the £72 million leisure extension to intu Lakeside this week to attract more people.

ACROSS Magazine is now also available as an E-Paper!

Try it and get free access until the end of November 2019.

Hammerson appointed James Lenton as CFO and Executive Director

Lenton will become an Executive Director on joining the Company on September 16, 2019 and will take over the role of CFO with effect from October 1, 2019.

Paddock Paris Opens 75 Outlet Stores

Fiminco Group is behind the new concept for an arty fashion & lifestyle outlet named Paddock Paris, which is set to open at the end of November 2019.

Neinver appointed Óscar Mata as Asset Management Director for Spain

In his new position, Mata will lead and implement the company’s asset management strategy at the centers Neinver manages in Spain.

Humpit Hummus joins line up at Hanningtons Estate Brighton

The retailer has taken 168 sq ft at 15 North Street, next to the new entrance to Hanningtons Lane.