April 14, 20242 yr From Reuters A general view of the department store Kaufhaus des Westens "KaDeWe" in Berlin, Germany January 29, 2024. REUTERS/Annegret Hilse/File Photo © Thomson Reuters DUESSELDORF (Reuters) -Thai retailer Central Group has acquired the landmark KaDeWe property in central Berlin from the insolvent Austrian company Signa in what it said was another step towards buying the group. Central said in a statement on Friday that it was optimistic about talks to acquire the entire KaDeWe Group, which includes Alsterhaus in Hamburg, and Oberpollinger in Munich. The Thai retailer already holds a 50.1% majority stake in the group. "The acquisition of the KaDeWe building is the first important milestone for us in the attempt to restore and restructure the KaDeWe Group operating company towards a sustainable, financially viable business," said Vittorio Radice, board member of Central Group Europe, in a statement. The purchase price for the building, a popular tourist destination in Berlin, was reported by the German business daily Handelsblatt at roughly 1 billion euros ($1.07 billion). Central did not say how much it paid for the property.
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