Thai group buys iconic Berlin department store

Berlin: Thailand s Central Group said Friday it has bought the iconic KaDeWe department store in Berlin from insolvent Austrian real estate giant Sign...

Berlin: Thailand's Central Group said Friday it has bought the iconic KaDeWe department store in Berlin from insolvent Austrian real-estate giant Signa.

The 650,000-square-foot (60,000-square-metre) store is located on one the German capital's main shopping streets, and has long been a major draw for tourists.

The Thai group, a multinational conglomerate with a sprawling retail and property portfolio, did not confirm the purchase price, but German daily Handelsblatt put the figure at around one billion euros ($1.1 billion).

The news came several months after the company that operates the store, KaDeWe group, filed for bankruptcy, reportedly blaming the turmoil engulfing Signa.

"We are pleased to add KaDeWe Berlin to Central Group's historic flagship luxury store real estate portfolio," said Central Group's chief executive, Tos Chirathivat.