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This means that the value of the portfolio as a whole has fallen from almost 3 to 2.1 billion euros (2.0 billion francs) as a result of sales and devaluations in the first half of 2023, according to the magazine’s online report. Signa Group owns half of the Globus Group in Switzerland.
Signa had no further comment when contacted by Austrian news agency APA. In a statement requested on Thursday morning regarding the 2 billion euro financing requirement by mid-2024, a Signa spokesman emphasized that there are currently “discussions with stakeholders that are being conducted in a very responsible way and give us confidence that we can find good solutions.”
Numerous organizational, structural and personnel processes have been initiated that serve to support the Signa Group and make it sustainable and stable in the long term. This includes both real estate and commercial sectors.
According to “Spiegel”, Signa Development made a net loss of approximately 150 million euros in the first half of 2023. This is illustrated in a presentation by Signa in its news magazine for investors.
The Signa subsidiary is particularly affected by the sharply shrinking value of its real estate portfolio. For this reason, there was a loss of 190 million Euros in the development department’s portfolio. He also sells real estate to make money.
Auto dynast Robert Peugeot, Strabag’s major shareholder Hans Peter Haselsteiner and the RAG Foundation have major shares in the development division. Switzerland-based logistics billionaire and major shareholder of Signa Prime, Klaus-Michael Kühne, recently acquired Berlin office project Beam from the development division.
According to the magazine’s report, Signa Development has slipped deep into the red as early as 2022. The result was a loss of 317 million euros; The previous year, a profit of 281 million euros was made from the project development of the buildings.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
