Cologne/Essen, 30. November 2018: HBC and SIGNA today announced the successful completion of the combination of HBC Europe and Karstadt Warenhaus GmbH’s retail operations and the formation of the companies’ real estate joint venture, enabling them to create a leading omnichannel retailer.
The newly combined retail business comprises HBC Europe’s businesses including Galeria Kaufhof GmbH and Signa’s Karstadt Warenhaus GmbH as well as the entire retail business of HBC Europe (Saks OFF 5TH, Galeria Inno in Belgium, Hudson’s Bay in the Netherlands), Karstadt Sports and the entire food and catering departments of both companies (Dinea, Galeria Gourmet, Karstadt Feinkost, Le Buffet). Jointly they operate 243 store locations, employ 32,000 people and generate revenue in excess of EUR 5 billion.
The new joint venture is owned 49.99% by HBC and 50.01% by SIGNA. In addition, SIGNA acquired a 50 % interest in HBC’s German real estate assets from HBC and its partners. Furthermore SIGNA aquires a 50% interest in 18 additional properties held at Galeria Kaufhof, as well as a 100% stake of the Kaufhof Flagship Store Hohe Strasse in Cologne and the Carsch-Haus in Duesseldorf.
HBC is a diversified global retailer focused on driving the performance of high quality stores and their omni-channel platforms and unlocking the value of real estate holdings. Founded in 1670, HBC is the oldest company in North America. HBC’s portfolio today includes formats ranging from luxury to premium department stores to off price fashion shopping destinations, with more than 480 stores and approximately 65,000 employees around the world.
In North America, HBC’s leading banners include Hudson’s Bay, Lord & Taylor, Saks Fifth Avenue, and Saks OFF 5TH, along with Home Outfitters. In Europe, its banners include Galeria Kaufhof, the largest department store group in Germany, Belgium’s only department store group Galeria INNO, as well as Saks OFF 5TH in Germany and the Netherlands and Hudson’s Bay in the Netherlands.
HBC has significant investments in real estate joint ventures. It has partnered with Simon Property Group Inc. in the HBS Global Properties Joint Venture, which owns properties in the United States and Germany. In Canada, it has partnered with RioCan.
SIGNA Group is a privately held industry holding company in the real estate and retail sectors, founded by Entrepreneur René Benko in 1999. With real estate assets of over EUR 14 billion and an additional development pipeline of around EUR 8 billion, the company is one of the leading real estate investors in Europe and operates well-known retail companies with around 45,000 employees and sales of over EUR 7 billion thereof more than EUR 750 million profitable online revenues.
SIGNA Real Estate Group is one of the largest real estate owners in major European Metropolitan hubs covering, amongst others Berlin, Munich, Hamburg and Vienna, and owns a highly remarkable collection of high street assets including iconic landmark buildings such as the KaDeWe and the UPPER WEST Tower in Berlin, the Golden Quarter with the Park Hyatt Hotel in Vienna, Alte Akademie and Oberpollinger in Munich, and Alsterhaus and Alsterarkaden in Hamburg.
The SIGNA Retail Group steers five independent retail platforms including SIGNA Premium, SIGNA Department Store Group, SIGNA Home & Lifestyle, SIGNA Food & Restaurants as well as SIGNA Sports United, continental Europe’s largest sports e-commerce platform. Each of these platforms has contributed to the strong European growth of the SIGNA Retail Group in the recent years. With over 320 premium inner-city locations and 100 web shops in 20 countries, SIGNA Retail is one of the leading retail holding companies in Europe.