Signa Prime launches sale of luxury properties in Vienna
Published: Tuesday, Feb 13th 2024, 21:20
Updated At: Tuesday, Feb 13th 2024, 21:21
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Signa Prime Selection, part of René Benko's insolvent Signa Group, is starting to sell off luxury assets in Vienna and Innsbruck. The stake in Signa Prime Assets GmbH is now being sold as part of the debtor-in-possession restructuring process.
This was announced by insolvency administrator Norbert Abel on Tuesday evening. This includes the Park Hyatt, the Goldenes Quartier and the Constitutional Court building in Vienna and the Tyrol department store in Innsbruck.
"The structured sale of Signa Prime Assets GmbH starts today and is an essential part of the reorganization concept of Signa Prime Selection", Abel wrote in a press release. The sale is intended to realize part of the financial resources required to fulfill the intended restructuring plan in the interests of the creditors.
The construction of the "Lamarr" shopping center planned for Mariahilfer Strasse in Vienna is therefore complete. However, it is still unclear what will happen with this further Signa property in Vienna.
René Benko's corporate conglomerate has recently experienced several insolvencies, some of which were worth billions. Restructuring attempts are underway. Meanwhile, the insolvency decision on company founder Benko himself has been delayed.
Signa Prime Selection includes numerous well-known properties in city center locations, not only in Austria. In Berlin, for example, this includes the luxury department store KaDeWe and the Hotel Bauer in Venice.
The Swiss Signa subsidiary Signa Retail Selection is already in debt restructuring moratorium. Among other things, it holds the Signa Group's 50 percent stake in the Swiss department store group Globus. The remaining 50 percent of Globus is held by the Thai Central Group.
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