Thailand’s Central, Austrian investor set to buy Swiss retailer Globus for $1b: Report

Photo: Globus

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.

Bloomberg

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.