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Signa buys German trophy assets in biggest real-estate deal of 2017

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Signa buys German trophy assets in biggest real-estate deal of 2017

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FRANKFURT (Reuters) – Austria’s Signa, which is trying to buy German department-store chain Kaufhof from Hudson’s Bay <HBC.TO> for 3 billion euros (2.65 billion pounds), has bought five trophy assets from RFR in Germany’s biggest real-estate transaction of 2017. The portfolio is worth 1.5 billion euros and comprises properties in Berlin, Hamburg, Frankfurt and Munich, Germany’s four largest cities, Austrian property and retail group Signa said late on Friday. The properties are the Upper West commercial high rise in Berlin, the upmarket shopping centres Kaufmannshaus and Alsterarkaden in Hamburg, the Upper Zeil shopping mall that is in development in Frankfurt, and the remaining 50 percent of the Karstadt department store at Munich’s main train station. Privately held Signa already owns the Karstadt chain, the biggest rival to Kaufhof. Hudson’s Bay is reviewing Signa’s offer for Kaufhof but has called it incomplete, non-binding and unsolicited.

(Reporting by Georgina Prodhan)
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