The major Thai developer, Central Group, has taken over the property that is home to Berlin's iconic KaDeWe department store following an agreement with the previous, insolvent owner Signa Prime Selection, Central said on Friday. The Thai group is also considered to be among the leading candidates bidding to fully take over the whole KaDeWe Group, including the retail business itself, according to trade experts. Central currently holds a 50.1% stake in the group, while 49.9% belong to the Signa
The major Thai developer, Central Group, has taken over the property that is home to Berlin's iconic KaDeWe department store following an agreement with the previous, insolvent owner Signa Prime Selection, Central said on Friday. The Thai group is also considered to be among the leading candidates bidding to fully take over the whole KaDeWe Group, including the retail business itself, according to trade experts. In addition to the famed high-end KaDeWe store in Berlin, which was founded in 1907
Central Group, which is led by the founder s grandson Tos Chirathiva, has bought out its troubled Austrian co-owner Signa to take majority control of the historic retailer.
With its co-owner Signa Group in trouble, Selfridges has confirmed that it trades independently of its shareholders, and has the "unwavering support" of its other co-owner Central Group.