Next bankruptcy: Signa shopping center project Lamarr files for bankruptcy

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This was announced by creditor protectors AKV, Creditreform and KSV1870. Due to the bankruptcy of Signa’s flagship, Signa Prime Selection, financing for the completion of construction can no longer be secured. According to its creditor protectors, the now bankrupt Signa project company “Mariahilfer Strasse 10-18 Immobilien GmbH” owes 260 million euros to banks and 16.5 million euros to suppliers. In total, approximately 77 creditors were affected. In addition, a lien of 390 million euros is placed on the property.

The Signa company, led by Tyrolean investor Rene Benko, was founded in 2021 and aimed to build and develop a large department store and hotel. The flagship store of the Leiner furniture chain was previously located at this address; Former Kika/Leiner owner Herbert Koch and his family lived on the top floor.

The department store, named after Vienna-born Hollywood diva and inventor Hedy Lamarr, was planned to open in spring 2025. With Signa’s bankruptcies, the project became increasingly quiet; Construction work has virtually come to a halt since December. The shell was completed in June 2023 and Signa invited media representatives to the roofing press event.

“At this point it is not yet possible to assess whether the intention is to continue the business and reduce the debt,” writes the Alpine Creditors Association (AKV). According to KSV1870, the company has made intense efforts in recent weeks to secure the necessary financing to complete the construction.

In particular, meetings were held with potential investors. These talks have not yet been successful. Against this background, bankruptcy proceedings had to be filed.

The Spar trading group has a principal interest in the property. “We tried hard to buy Hedy Lamarr (then Leiner on Mariahilfer Strasse) before selling it to René Benko, but we had no luck,” Spar CEO Hans Reisch said in an interview. “This will still be an asset we will be interested in. But nothing is concrete.”

According to the commercial register (“WirtschaftsCompass”), the bankrupt “Mariahilfer Strasse 10-18 Immobilien GmbH” owns 50 percent of the shares of Luxembourg-based Signa Prime Capital Invest GmbH and Skyred Holding 9. Signa Prime Capital Invest is a subsidiary of the bankrupt Signa Prime Selection AG and Skyred Holding 9 is an indirect subsidiary of Thai Central Group.

KaDeWe Group, owned by Signa and Central Group, was intended to operate Lamarr. KaDeWe initially did not comment on the Vienna department store plans when asked by APA. Additionally, Signa and Central Group are owned by the Swiss department store chain Globus.

(SDA)

Source :Blick