The building that houses the KaDeWe, a high-end department store and Berlin tourist attraction, has been taken over by the Thai Central Group. The group is rumored to be interested in buying the retail business as well.
Thailand's Central Group said Friday it has bought the iconic KaDeWe department store in Berlin from insolvent Austrian real-estate giant Signa."We are pleased to add KaDeWe Berlin to Central Group's historic flagship luxury store real estate portfolio," said Central Group's chief executive, Tos Chirathivat.
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