Migros and Migros Bank confirm high loans to Signa
Published: Thursday, Jan 18th 2024, 16:00
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The Federation of Migros Cooperatives (FMC) and Migros Bank have large loans outstanding with the troubled Austrian real estate group Signa. The FMC granted a loan of CHF 125 million when Globus was sold. Migros Bank also put its involvement in a syndicated loan at CHF 97 million.
The FMC granted the loan of 125 million to Globus as part of the sale of the department store group to a joint venture between Signa and Central Group, Migros announced on Thursday. The loan is "partially secured by guarantees".
Migros Bank, which belongs to the FMC, has reported that it has invested CHF 97 million in a syndicated loan from various Swiss banks. This was granted to a real estate company in which several investors are involved, according to a separate communiqué from the financial institution. However, the name of the borrower is not explicitly mentioned.
The mortgage is "secured by a first-ranking mortgage", emphasizes Migros Bank. The property in question is a department store in a prime location in Zurich city center. The building is rented out and all interest and amortization payments have been "reliably made".
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