August 15, 2014 / 8:15 AM / in 4 years

Austrian investor buys Germany's Karstadt department stores

DUESSELDORF, Aug 15 (Reuters) - Struggling German department store chain Karstadt is changing hands for the second time in four years, with an Austrian property investor buying the chain from U.S. investor Nicolas Berggruen.

Signa Holding, the property vehicle of Rene Benko which already owned a majority stake in Karstadt’s luxury and sports-focused stores, said on Friday it was taking over the remaining minority stake in those stores.

It is also taking over 100 percent of a further 83 Karstadt department stores that are bundled together in a separate company.

Reporting by Matthias Inveradi; Writing by Victoria Bryan; Editing by Ludwig Burger

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