Signa’s stake in the department store chain’s operating company is officially a thing of the past. Meanwhile, the future of real estate remains uncertain.
Editorial – October 1, 2024
According to a press release, the Thai group Central Group has taken over Magazines zum Globus AG. It therefore now acts alone as operator of the Swiss department store chain. Globus has nine existing stores in Bern, Geneva, Glatt, Lausanne, Lucerne, St. Gallen and Zurich as well as two locations under construction in Bellevue in Zurich and at Marktplatz in Basel.
The Thai retail specialist has been invested in Globus department stores since 2020. “Central Group has always been a loyal investor who has a deep understanding of our business and appreciates our unique position in the market,” said the CEO of Globus Franco Savastano, quoted in the press release. Upcoming targets include the reopening of Globus Zurich Bellevue and the new Globus building on Marktplatz in Basel, which is expected to take place at the end of 2025.
No clarity yet on real estate
Until now, the Central Group only owned half of the shares in the operating company. His business partner was the Austrian real estate investor René Benko and his Signa Group, in which the other 50% was held. But when it comes to buildings, the situation remains unclear: according to Central’s press release, the ownership structure of the Globus Suisse real estate company remains unchanged. This would mean that the Central group still only owns 50% of the five Globus properties and that the other shares continue to lie in the insolvency estate of the defunct Signa empire.
Migros relieved
The clarity now achieved at the operational level relieves many stakeholders in the meantime. One of them is Migros, which, as the Federation of Migros Cooperatives, had granted a loan totaling CHF 125 million to the operating company as part of the sale of Globus to the joint venture of Signa and Central in 2020. Due to the Corona pandemic, the credit was granted directly to Globus and not to the two investors, writes Migros in a press release in which it welcomes the new ownership conditions. “In the future, financial obligations to FCM will fall primarily on Globus and Central Group.”
In addition, the incidental activity of a former member of the general management for the Signa group in 2013 had sparked discussions at Migros. An external investigation concluded that there was no conflict of interest or financial disadvantages for Migros. (aw)
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