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Thailand's Central buys rest of German luxury retail business KaDeWe
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Thailand's Central buys rest of German luxury retail business KaDeWe
Jun 14, 2024 6:06 AM

FRANKFURT, June 14 (Reuters) - Thai retailer Central

Group agreed to acquire the assets it has not already secured in

KaDeWe Group, a chain of landmark department stores in Germany,

part of tycoon Rene Benko's folded property empire.

Central purchased the eponymous Berlin luxury department

store KaDeWe in April, saying at the time it would seek to also

buy the two other stores of the portfolio, Alsterhaus in Hamburg

and Oberpollinger in Munich.

Central would continue to run the stores and would now seek

to renegotiate the rent agreements for the retail outlets,

administrator Christian Graf Brockdorff said in a statement

issued by KaDeWe Group, without disclosing financial terms.

Signa, the property empire founded by tycoon Rene Benko, has

been one of the biggest casualties of Europe's real estate

crisis, with creditors filing claims worth billions of euros.

The group's holding company, which sits at the centre of a

web of hundreds of firms, has declared insolvency, as have its

two most important units, Signa Prime and Signa Development.

($1 = 0.9369 euros)

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