Swiss department store chain Globus is set to be sold to Austrian property mogul Rene Benko and Thailand’s Central Group, according to the Sonntagszeitung newspaper.
The retailer’s properties account for the majority of the assets, which are valued at an estimated 1 billion francs ($1 billion) and include a store on Zurich’s main street, Bahnhofstrasse, the paper said.
The Thai and Austrian investors will each hold a 50% stake, it said. The portfolio of Benko’s Signa Holding GmbH already includes Germany’s well-known Galeria Kaufhof.
Switzerland’s Migros-Genossenschafts-Bund announced plans to sell Globus last year. Retailers across Europe are coming under pressure as online sellers gain market share at the expense of bricks-and-mortar shops.
When contacted by Bloomberg, a Signa spokesman declined to comment and Central Group said it couldn’t immediately comment.
A spokesman for Migros said the sale was proceeding as planned, and that details would be provided once the transaction is concluded.