By  on September 16, 2013

Karstadt, the German retailer owned by Nicolas Berggruen, has sold off a big piece of its business to The Signa Group, the Austrian real estate company.

Signa has paid 300 million euros, or $397.8 million at current exchange, for 75.1 percent of Karstadt’s three luxury department stores — KaDeWe in Berlin, Alsterhaus in Hamburg and Oberpollinger in Munich — as well as Karstadt’s 28 sporting goods stores. The premium stores are filled with international luxury labels like Louis Vuitton, Prada, Gucci and Hermès. KaDeWe is the second largest store in Europe next to Harrods in London.

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