Local luxury shopper ‘Central Group’ purchases a luxury building that houses the ‘Kadewe Department Store’ in Berlin.
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Central Group Announcing the signing of an agreement to acquire a real estate company that holds ownership rights. Building and land Kadewe luxury department store from the Cigna Prime Selection AG group. by such building Located on Toenzeenstrasse. (Tauentzienstraße), the most famous shopping area in the heart of Berlin. This results in the Central Group being the sole owner of all assets. (One hundred percent)
12 April 2024 – KaDewe, a department store that is like a symbol of Berlin. It has a history of more than 100 years and is currently number one in sales. and is the largest luxury department store in Germany. With over 60,000 square meters of retail space, it is the ultimate center for high-end fashion, food, beverage, and fine wine, and is visited by over 8 million customers per year. The building is architecturally outstanding. Excellence in innovation and is a destination for tourists from around the world.
In this regard, the Central Group has invested in the Kadewe Group. which operates 3 luxury department store branches in Germany Together with the Cigna group since 2015, Central holds 50.1% of the shares, while Cigna still owns 100% of the real estate building. In the past, the mall was only a tenant. After the acquisition of the building that houses Kadewe Department Store is complete. Central Group will become the owner of the most important flagship branch. and is a renter to the Kadewetan group.
Mr. Thots Chirathivat, Chairman of the Executive Committee Central Group said: “We are delighted to have Kadewe Berlin join Central Group’s portfolio of properties. This additional investment demonstrates our commitment to the Kadeve Group, its customers, employees and business partners in Europe. That we will continue to move forward to find the best solution together with all parties involved. To return our shopping malls to normal operations and become even stronger. As soon as possible.”
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