12 April 2024 – Central Group is pleased to announce today that it has entered into an agreement to acquire 100% of the iconic KaDeWe property in Berlin from Signa Prime Selection AG. The heritage building is located on Tauentzienstraße, Berlin’s most famous shopping street, currently occupied by KaDeWe luxury department store.
KaDeWe, through its rich history of over 100 years, has become Berlin’s landmark and #1 department store in Germany both in terms of turnover and size. With retail space spanning over 60,000 square meters, KaDeWe houses the best selection of top luxury fashion brands, culinary, beverage, and fine wines. The store welcomes over 8 million visitors a year. The building itself bears great significance in terms of architecture and innovation and is truly a destination for international tourists.
Central Group had since 2015 co-invested with Signa in The KaDeWe Group that operates 3 luxury department stores in Germany. While Central Group holds a 50.1 percent stake in the operating company, Signa remained the sole owner of all properties and the landlord to the joint venture. The acquisition of KaDeWe building means Central Group will become the new owner of this remarkable flagship building, and a landlord to The KaDeWe Group.
Tos Chirathivat, Executive Chairman and CEO of Central Group, commented: “We are pleased to add KaDeWe Berlin to Central Group’s historic flagship luxury store real estate portfolio. The additional capital investment demonstrates our family’s commitment to the KaDeWe Group, our loyal customers, employees, and business partners in Europe. We will continue our efforts to find the best possible solution with all parties involved to allow our department stores to return to normal operation – better and stronger than before, and as soon as possible.”
