His empire is tottering: why Globus investor Benko is now setting up new companies “We should not underestimate the psychological consequences of the Covid crisis”

Reassuring words are doing the rounds: Even if René Benko’s heavily indebted real estate and trading empire were to implode, the future of the Globus department stores would be assured. Investors are ready, especially Thai Central Group, which already owns half of the high-end retailer.

But Benko is still trying to save his complex Signa group: with fresh capital and new financial and corporate structures. For example, through limited partnerships, which have actually gone out of fashion. Your advantage: you can raise your own money with limited risk for the lender.

The Luxembourg commercial register shows: Last week, the Signa Group established two such limited partnerships – and nested them within each other; the Signa Prime Swiss Invest and the Signa Prime Swiss investment. The holding company SPS Zweiundsechzig, which was established for reserve purposes, is registered as a limited partner with unlimited liability for Swiss Invest from the Signa deposit. This now belongs to “Swiss Beteiligung”, whose limited partner was SPS Sixty-One. All companies together are part of the consolidation group of Signa Prime Selection, the Austrian intermediate holding company for the real estate world.

Globus properties are registered in Luxembourg

The Globus properties that make up Signa’s portfolio in Switzerland are also housed in Luxembourg companies; the exact address is also the company name. They are grouped under Matterhorn Immobilien Holding. The properties ultimately end up with Signa Prime Selection via two other intermediate holding companies.

It would not be the first time that Benko bridges financial bottlenecks by setting up additional intermediate holding companies or moving assets to sister companies.

Those who want to invest in Globus: For operational activities, they only have to invest in Globus Holding; Things become more complicated when it comes to taking over the real estate. (aargauerzeitung.ch)