Consortium of US investor Baker, Beetz to buy German retail giant Galeria - sources

A consortium including U.S. investor Richard Baker and the former head of cosmetics company Coty, Bernd Beetz, is set to buy the German department store chain Galeria Karstadt Kaufhof, two sources familiar with the matter told Reuters on Tuesday.

Galeria, currently under the supervision of an insolvency manager, has been seeking a new owner after being hit by problems at Signa, the Austrian-based property empire that has become the biggest casualty so far in Europe's real-estate crisis.