Central Group to take stake in Globus
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Thai retail and mall conglomerate Central Group is partnering with an Austrian property developer to buy Swiss department store chain Globus.
According to the Sonntagszeitung, a Swiss newspaper, both companies will take an equal 50-per-cent share in the business.
Globus reportedly has significant property assets making it an attractive target for Austrian property investor Rene Benko. Benko’s Signa Holding already owns the Germany department store Galeria Kaufhof.
Central Group, on the other hand, has already enjoyed success investing in department stores in Europe, its network now including the Rinascente Turin and a share in Germany’s KaDeWe Group, which also owns the Oberpollinger and Alsterhaus stores in Munich and Hamburg. It has another luxury department store under construction in Vienna.
Globus is valued at about US$1 billion and has a flagship store on the main street of Zurich.
The deal has not yet been officially confirmed with final details under negotiation, but current owner Migros-Genossenschafts-Bund has confirmed a sale is proceeding according to plan.
Questions & Answers
Q.Which companies are involved in the purchase of the Globus department store chain?
Which companies are involved in the purchase of the Globus department store chain?
Thai retail and mall conglomerate Central Group is partnering with an Austrian property developer to buy Globus. Both companies will take an equal 50-per-cent share in the business.
Q.Why is Globus considered an attractive acquisition for Rene Benko’s Signa Holding?
Why is Globus considered an attractive acquisition for Rene Benko’s Signa Holding?
Globus reportedly has significant property assets, making it an attractive target for Austrian property investor Rene Benko. His Signa Holding already owns the German department store Galeria Kaufhof.
Q.What other department store investments has Central Group made in Europe?
What other department store investments has Central Group made in Europe?
Central Group's European network includes Rinascente Turin and a share in Germany’s KaDeWe Group, which owns Oberpollinger and Alsterhaus. They also have a luxury department store under construction in Vienna.
Q.Has the deal for Globus been officially confirmed yet?
Has the deal for Globus been officially confirmed yet?
No, the deal has not yet been officially confirmed, with final details still under negotiation. However, current owner Migros-Genossenschafts-Bund has confirmed a sale is proceeding according to plan.
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