• Mon. Apr 15th, 2024

Signa Group’s Benko Prestige Project in Vienna Declares Bankruptcy and Looks to Sell Property for Revenue”.

BySamantha Johnson

Mar 7, 2024
René Benko’s Prestige Lamarr Shell: A Disaster in the Making

In early February 2024, Mariahilfer Straße 10-18 Immobilien GmbH, a company owned by the Signa Group, declared bankruptcy with 276.5 million euros in liabilities. The liquidator Clemens Richter is now looking to take over the property related to the planned Benko prestige project “Kaufhaus Lamarr” in order to generate revenue.

The construction project includes the development of a premium department store and hotel, along with an underground car park and roof garden open to the public. The building structure has been completed, and various systems and services have been pre-installed. The property was originally home to the Leiner furniture store before it was acquired by René Benko in 2017 and later taken over by Signa for 190 million euros.

The bank debts of Mariahilfer Straße 10-18 GmbH amount to 260 million euros, but the relevant bank loan is not fully utilized. Two banks have liens totaling 390 million euros registered on the property, with Bank Austria and Raiffeisenlandesbank Oberösterreich being the primary holders. A market value report is expected to be obtained for the property, and the sale process will involve a bid distribution meeting to allocate proceeds to creditors based on their claims.

It is currently uncertain which parties may be interested in purchasing the property, but it is believed that a real estate investor may step in rather than an operator of department stores like the Thai Central Group, Signa’s partner. The selling process will determine how

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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