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Signa buys buildings leased to Karstadt stores for 1.1 bln eur
December 23, 2012 / 9:11 PM / 5 years ago

Signa buys buildings leased to Karstadt stores for 1.1 bln eur

FRANKFURT, Dec 23 (Reuters) - Austrian property developer Signa said on Sunday it has acquired the buildings used by Karstadt’s 17 department stores for more than 1.1 billion euros ($1.45 billion).

All the buildings, including one that houses Germany’s iconic KaDeWe department store in Berlin, were sold by owner Highstreet Holdings and have a long-term lease with Karstadt.

Highstreet’s owners includes Goldman Sachs and Deutsche Bank Real estate fund group RREEF, Signa said in its statement.

Signa Holding is the investment vehicle of property investor Rene Benko, who was interested in buying Metro’s Kaufhof department stores.

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