Kaufhaus Tyrol in Innsbruck Sold After Signa Bankruptcy
The sale of the Kaufhaus Tyrol department store in Innsbruck, once a prestigious project of Signa founder René Benko, is now officially complete. As part of the bankruptcy proceedings of Signa Prime Selection AG, the newly founded company KHT AcquiCo SARL has taken over the downtown department store.
Düsseldorf-based fashion entrepreneur Patrick Cloppenburg (Peek & Cloppenburg) is set to take over Kaufhaus Tyrol in Innsbruck. / Picture: © Wikimedia Commons / Dnalor 01 / CC BY-SA 3.0 AT (https://creativecommons.org/licenses/by-sa/3.0/at/deed.en)
The exact purchase price has been kept confidential; however, according to information from Abel Rechtsanwälte, the law firm handling SIGNA's insolvency matters, the property on Maria-Theresien-Straße is said to have changed hands for approximately €140 million.
The buyer, KHT AcquiCo SARL, is affiliated with Liechtenstein-based Horn Grundbesitz GmbH, which in turn is backed by a group of investors close to Peek & Cloppenburg, as reported by ORF. According to media reports, Düsseldorf-based fashion entrepreneur Patrick Cloppenburg, owner of the Peek & Cloppenburg fashion chain, is seeking sole control of the department store. The Federal Competition Authority (BWB) had already given the green light for the takeover at the beginning of July.
The operational management of Kaufhaus Tyrol will be taken over by Midstad, which already manages real estate in Germany, Belgium, the Netherlands, and Austria, as reported by Leadersnet. Midstad CEO Kevin Meyer expressed confidence, according to ORF: "Kaufhaus Tyrol has the best conditions. The current rental structure is good and can be improved even further."
The new operator plans to adapt the building's mix of uses to future needs and develop concepts that will ensure a sustainable mix of offerings while also guaranteeing value stability. Midstad manages and develops around 60 properties in Europe, with the main tenant often being the fashion group Peek & Cloppenburg. Interestingly, Peek & Cloppenburg previously had a branch in Kaufhaus Tyrol, which was closed in 2019 after failed lease negotiations with Signa. This space is now occupied by a branch of the Austrian clothing company Kastner & Öhler.
René Benko acquired the traditional department store in 2004, demolished the old building, and replaced it with a new one. The department store, which reopened in 2010 and was designed by British star architect David Chipperfield, offers space for more than 50 stores on 33,000 square meters. The property was part of the real estate portfolio of the insolvent Signa Prime.