What will become of the real estate? Thai Central Group takes over Globus
The Thai Central Group has taken over the entire operational business of the Globus department store chain. However, the future of the Globus properties is still open.
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- The Thai Central Group has taken over the entire Globus department store business.
- The Central Group is taking over the seven Globus department stores in Geneva, Lausanne, Bern, Lucerne, Zurich, Glatt and St. Gallen.
- The Globus Switzerland real estate company is not affected and continues to be owned equally by Central and Signa.
The sparrows were already whistling it from the rooftops: The Thai conglomerate Central Group has completely taken over Globus' department store business, as the Central Group announced on Monday. To this end, it bought the remaining half of the shares from its ailing joint venture partner Signa.
Specifically, Central is taking over the operation of the stores in the seven Globus department stores in Geneva, Lausanne, Bern, Lucerne, Zurich, Glatt and St. Gallen, as well as the two stores currently under construction at Bellevue in Zurich and Marktplatz in Basel, the statement added. Globus Switzerland's real estate company is not part of the transaction. The ownership structure here remains unchanged, it said. Central and Signa currently each hold half of the shares here.
"We are delighted to become the full owner of this leading luxury retail company. This is a further step in our efforts to consolidate our European portfolio and create more value for our stakeholders", André Maeder, CEO of Central Group Europe, was quoted as saying in the press release.
