Central Group has agreed to acquire the assets it has not already secured in KaDeWe Group, a chain of department stores in Germany.
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Financial terms of the deal were not disclosed.
The Thai retailer first acquired a majority in the plagued Berlin-based luxury retail chain in April this year, adding it planned to buy the two other stores of the portfolio: Alsterhaus in Hamburg and Oberpollinger in Munich, from Austrian tycoon Rene Benko.
Under the deal, Central will continue to run the stores and is now seeking to renegotiate the rent agreements for the retail outlets, administrator Christian Graf Brockdorff said in a statement issued by KaDeWe Group.
Before the complete takeover, Central held 50.1 percent of the KaDeWe Group. 49.9 percent belonged to the collapsed Signa group of companies owned Benko.
Signa, the property empire founded by Benko, has fallen victim to Europe’s real estate crisis, with creditors filing claims worth billions of euros.
The group’s holding company declared insolvency in January, including its Signa Prime and Signa Development units.
Central Group is a conglomerate owned by the Chirathivat family, one of the richest families in Thailand. The Bangkok-based group operates supermarkets, department store chains, hotels and restaurants, and has interests abroad in La Rinascente in Italy, Selfridges in the U.K., and Globus in Switzerland, among others.
KaDeWe opened in 1907, and boasts 60,000 square metres of shopping space in the middle of the capital, retailing luxury goods and acting as a hub for tourism.