Austrian property developer Signa and Thailand’s Central Group have agreed to acquire the Swiss luxury department store chain Globus along with eight associated real estate properties in a €1 bn deal.
The vendor is the Migros-Genossenschafts-Bund (MGB). The deal is understood to include retail assets and a hotel.
The 50:50 venture extends Signa's current partnership with Central, with which it jointly owns Germany’s KaDeWe Group, with upcoming projects in Dusseldorf and Vienna.
Central Group currently owns nine of Italy’s Rinascente department stores, and Denmark’s Illum.
Following the Globus deal, the combined presence of Signa and Central will span five European countries – Germany, Austria, Italy, Denmark, and Switzerland – making the pair the leading owners and operators of luxury department stores in Europe, Signa said.
'Since entering Europe in 2011 by the Rinascente acquisition, our business in Europe has grown from €200 mln to a projected €2 bn this year,' said Tos Chirathivat, executive chairman and CEO at Central Group. 'Today, we are operating 19 cities in five European countries, plus two under development, eight of which will be flagship stores.'
'Globus is a wonderful brand, very close to our hearts,' said Vittorio Radice, CEO of Central Group Europe, representing the Signa-Central joint venture.
'We are delighted to welcome it as a member of our family. As a historic Swiss brand, Globus is a perfect fit for our European alliance with strong local presence and great international recognition. By working together, we will guarantee Globus and the rest of our brands a solid, sustainable and successful future.'