Central Thailand has purchased the German luxury retail property KaDeWe.

DÜSSELDORF (Reuters) - Thai retailer Central Group has purchased the iconic KaDeWe property located in the center of Berlin from the bankrupt Austrian company Signa. This acquisition marks another step in the process of acquiring the entire KaDeWe group. According to a statement from Central, they are optimistic about negotiations to acquire the entire KaDeWe holding, which includes well-known stores such as Alsterhaus in Hamburg and Oberpollinger in Munich.

The Thai retailer already owns a controlling stake of50.1%In this group, Vittorio Radice, a member of the board of directors of Central Group Europe, stated: "The acquisition of the KaDeWe building is an important step in our intention to restore and reorganize the company managing KaDeWe towards a sustainable and financially viable business."

The bankruptcy of Signa Prime, the company that owns stakes in the luxury department store KaDeWe, has not been commented on.

The real estate empire Signa, founded by businessman René Benko, has come under pressure from the European real estate crisis as creditors filed lawsuits for billions of euros. The holding company of the group, which is at the center of a complex structure of hundreds of firms, has declared bankruptcy, along with its two key subsidiaries - Signa Prime and Signa Development.

In addition to this conclusion, it is expected that around this year, the market will see the release of about8 million square feetThe new retail space, which, according to Cushman & Wakefield, also adds momentum to the situation with sales and rentals in the real estate sector.

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