Thailand’s Central buys German luxury retail property KaDeWe

Central said in a statement on Friday that it was optimistic about talks to acquire the entire KaDeWe Group, which includes Alsterhaus in Hamburg, and Oberpollinger in Munich.

The Thai retailer already holds a 50.1% majority stake in the group.

“The acquisition of the KaDeWe building is the first important milestone for us in the attempt to restore and restructure the KaDeWe Group operating company towards a sustainable, financially viable business,” said Vittorio Radice, board member of Central Group Europe, in a statement.