Cantonal banks are trembling after Signa’s bankruptcy: Globus real estate is worth less than previously estimated

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The future of Globus remains uncertain since the bankruptcy of René Benko’s Signa Group. Austria’s Signa Prime holds half the shares in five Globus properties.

Now it turns out that Globus buildings are not as valuable as they thought. This is revealed in the third restructuring report submitted to the “SonntagsZeitung”. At the end of 2022, the five properties were worth €1.3 billion on Prime Swiss’s books. After revaluation the value still amounted to 892 million euros; this was one-third less than expected. This meant that more than 400 million flutes were sold.

Allegations are increasing

This is not a good picture for the cantonal banks: they gave loans worth hundreds of millions of dollars to Signa. Globus properties count as collateral.

Globus buildings include: the branch on Zurich Bahnhofstrasse, an office building in the immediate vicinity and department stores in Bern and Basel. There is also a construction site in Basel where another large department store needs to be built.

At the same time, the demands of the existing 422 creditors are increasing: They are currently demanding 10.8 billion francs. According to the newspaper, this figure was 6.3 billion about a month ago.

These cantonal banks invested in Signa

The Cantonal Bank of Grisons confirmed on Friday that it had invested approximately 60 million francs in Signa. Globus buildings in Zurich serve as security. At Aargauische Kantonalbank this is 73 million francs – 25 million of which was deposited directly at the Globus branch in Bern.

It also participated in the 550 million franc syndicated loan to Globus on Zurich Bahnhofsstrasse. Valais and Obwaldner Kantonalbank also contributed 24.3 million to the syndicated loan. Zürcher Kantonalbank invested 11 million francs.

Basler Kantonalbank also needs to tremble: Globus took out a 7 million mortgage on its temporary loan. The loan matured at the beginning of January. The bank does not comment on whether the loan has been repaid.

René Benko used a trick to keep the value of the properties high: He inflated the values ​​of the properties through high rental agreements. He also saw action at KaDeWe in Berlin.

It is not yet known what will happen to the Globus buildings. Central Group from Thailand is also involved. According to the renewal report, “marketing of the first properties should commence immediately with the involvement of an international consultancy company.” Just one question, when? (kae)

Source :Blick