Apollo said to be acquiring €700m Karstadt retail package

US group Apollo Global Management is said to be the frontrunner in a bid to acquire a portfolio of 17 stores from the ailing department store chain Galeria Karstadt Kaufhof, majority owned by the Austrian group Signa Holding.

According to a news report by Bloomberg, a fund managed by Apollo has emerged ahead of at least two other bidders in the run to acquire the properties for some €700 mln.

The deal has already received the green light from the German antitrust authority.

It remains unclear where the stores are located. Galeria Karstadt Kaufhof, with a total of 240 city-centre locations in Europe, filed for insolvency at the beginning of April and it is now under creditor protection.


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