Globus: Central Group takes over entire department store operator
Signa's capital in the department store chain's operating company is officially a thing of the past. Meanwhile, the future of the properties remains unclear.
According to a press release, the Thai Central Group has taken over Magazine zum Globus AG. It is now the sole operator of the Swiss department store chain. Globus has nine existing stores in Berne, Geneva, Glatt, Lausanne, Lucerne, St. Gallen and Zurich as well as two locations under construction at Bellevue in Zurich and Marktplatz in Basel.
The Thai retail specialist has been invested in Globus department stores since 2020. "Central Group has always been a loyal investor that has a deep understanding of our business and appreciates our unique market position," Globus CEO Franco Savastano is quoted as saying in the press release. The next goals include the reopening of Globus Zurich Bellevue and the new Globus building on Marktplatz in Basel, which is scheduled to open at the end of 2025.
No clarity yet on real estate
The Central Group previously only owned half of the shares in the operating company. Its business partner was the Austrian real estate investor Rene Benko and his Signa Group, which held the other 50%. As far as the properties are concerned, however, the situation remains unclear: according to the Central announcement, the ownership structure of Globus Switzerland's real estate company remains unchanged. This would mean that the Central Group continues to hold only 50% of the five Globus properties and the other shares continue to rest in the insolvency estate of the defunct Signa empire.
Migros relieved
Meanwhile, the clarity that has now been achieved at an operational level has brought relief to numerous stakeholders. One of these is Migros, which, as the Federation of Migros Cooperatives, had granted the operating company a loan totaling CHF 125 million as part of the sale of Globus to the joint venture between Signa and Central in 2020. Due to the coronavirus pandemic, the loan went directly to Globus and not to the two investors, Migros writes in a statement in which it welcomes the new ownership structure. "The financial obligations towards FMC will in future lie primarily with Globus and Central Group".
At Migros, the secondary employment of a former member of the Executive Board for the Signa Group in 2013 also gave rise to discussions. Migros has now also commented on this: an external investigation has come to the conclusion that there were no conflicts of interest or financial disadvantages for Migros. (aw)
