Billionaire Kühne examines takeover of the Elbtower after Signa crisis
Published: Monday, Nov 27th 2023, 15:10
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Logistics billionaire Klaus-Michael Kühne is considering investing in the Elbtower skyscraper project in Hamburg's Hafencity. Nothing has been happening on the construction site for weeks.
"Kühne Holding is currently evaluating ways in which it can contribute to a solution to the Elbtower problem," said a spokesperson for Kühne Holding AG in Schindelegi SZ on Monday when asked by the German Press Agency (dpa). However, there are currently no talks with the City of Hamburg "and no current negotiations". The spokesperson did not comment on details.
The German newspaper "Handelsblatt" had previously reported that Kühne was examining a takeover of the Elbtower. The project, which cost almost one billion euros, is the most prominent construction site of the Signa Group, founded by Austrian billionaire René Benko, which has slipped into crisis. Benko himself has since withdrawn from Signa's business. The business is being managed by German restructuring expert Arndt Geiwitz.
Signa says nothing
Signa did not respond to an inquiry. A spokesperson for the Hamburg city development authority simply said: "Please understand that we do not take part in speculation as a matter of principle."
Kühne had only emphasized at the beginning of November that he was not available as a financier. "Kühne Holding is far removed from an Elbtower commitment and is only marginally involved in one or two discussions about partial or complete solutions for Signa Prime," Kühne told the "Hamburger Abendblatt" newspaper. "At present, no solutions involving Kühne Holding are on the horizon," it said at the time.
The "Handelsblatt" reported that no decisions have yet been made by the Kühne holding company. With 65 floors and 245 meters, the Elbtower is set to become Germany's third tallest building. According to earlier information from Signa Real Estate, the skyscraper was to cost 950 million euros.
References to Switzerland too
The Swiss department store chain Globus would also be affected by a possible collapse of the Benko empire. Half of it - together with its real estate - is owned by Signa. The other half belongs to the Central Group from Thailand and the wealthy Chirathivat family.
There is also another Swiss connection. Benko and his Signa holding company are in debt to Julius Baer to the tune of CHF 606 million. This is the largest single position within the private debt loan book totaling 1.5 billion francs, Julius Baer announced on Monday, without naming Benko. However, well-informed sources confirmed to the news agency AWP that it was the Austrian.
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