As of: February 14, 2024, 11:39 p.m
By: Nadja Zinsmeister
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Hotels, shopping centers and even a court: The real estate company Signa Prime is starting to sell valuable buildings in Austria.
Vienna - After the luxury real estate company Signa Prime Selection AG filed for bankruptcy at the end of last year, valuable properties belonging to the company in Austria are now to be put up for sale as part of the insolvency proceedings.
The insolvency administration announced this on Tuesday evening.
Along with Signa Development Selection AG, the company is one of the two most important real estate companies in entrepreneur René Benko's Signa Group.
Signa insolvency: René Benko's company sells luxury real estate in Austria
One of the most important buildings to be sold from René Benko's empire is the Austrian Constitutional Court in Vienna.
Other buildings that are up for sale in Vienna as a result of Signa's insolvency include the luxury hotel Park Hyatt Vienna and the upscale Goldenes Quartier shopping mile.
A shopping center in Innsbruck is also set to find a new owner.
It was one of Signa founder René Benko's first high-profile projects 20 years ago.
An entire country is wondering how the Signa Group could end up in the largest insolvency proceedings in Austria's history.
Among other things, the building of the Austrian Constitutional Court in Vienna is also to find a new owner.
© Georg Hochmuth/APA/dpa
There was no information on the future of German Signa properties on Tuesday.
Signa Prime's portfolio includes the Alte Akademie in Munich, Hauptwache 1 in Frankfurt and the Elbtower project in Hamburg.
It is not yet known whether properties in Germany could also be for sale in the future.
Luxury properties in Austria are for sale: Signa Empire is still in crisis
By mid-January, Signa Prime's creditors had registered claims of around 464 million euros.
During the insolvency proceedings, at least 30 percent of the outstanding amounts should be repaid.
The share will be financed through the structured sale of buildings, according to the insolvency administrator, the Viennese law firm Abel.
The properties in Vienna and Innsbruck represent the beginning and possibly the end for Signa_gruppe as a result of the bankruptcy.
The Signa empire has been in crisis for some time.
The group of companies set up by the Austrian entrepreneur Benko expanded rapidly during the low interest rate phase.
Sharply rising interest rates, construction costs and energy prices ultimately spelled doom for the real estate and trading group, so that René Benko's empire began to falter and ultimately had to file for bankruptcy.
(nz with dpa)