Signa redeveloper to present plan by the end of November
Published: Friday, Nov 10th 2023, 17:20
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The auditor appointed to restructure the Signa Group, Arndt Geiwitz, intends to present key steps for restructuring the company by the end of November. The Austrian real estate and retail group announced on Friday that all areas of the group must be put to the test and long-term solutions must be found.
"For the duration of the restructuring, Arndt Geiwitz will represent the interests of the Benko family private foundation on his own responsibility," it said. It is not yet possible to estimate how long this restructuring will take. The German management consultant Ralf Schmitz has now been brought on board as an additional board member of the Signa Prime and Signa Development divisions, which specialize in real estate projects.
The 46-year-old Signa founder René Benko relinquished his power on Wednesday and placed the helm of the group in the hands of Geiwitz. The company, which acquired and developed real estate in prime locations in European cities and the USA during the long period of low interest rates, had run into difficulties due to higher interest rates and increased construction costs. Signa owns half of the Globus Group in Switzerland.
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