Thailand’s Central Group wants to acquire Signa retail assets, report says

(Reuters) – Thai retailer Central Group wants to take over some real estate assets from insolvent Austrian property company Signa, including KaDeWe in Germany and Selfridges in London, Business Insider reported on Saturday.

Central Group is interested in Signa’s entire luxury group, which also includes Alsterhaus in Hamburg, Oberpollinger in Munich, and Globus in Switzerland, the report said, citing unidentified sources at the Thai company.

The report said Central is already substantially invested in Signa’s luxury holdings.

Central could not be immediately reached for comment.

A spokesperson for Signa’s restructuring administrator declined to comment.

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 main units, Signa Prime and Signa Development.

(Writing by Dave Graham)

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