2/29/2024 0 Comments Julius coffeeBut just a few weeks ago, work on the site suddenly ceased. It promised to offer more than 200,000 square feet of luxury shopping right in the center of Austria’s capital. On Vienna’s Mariahilfer Straße, Austria’s largest shopping street, Signa was set to build an eight-story commercial building called “Lamarr,” named after the 1930’s Vienna-born Hollywood star, Hedy Lamarr. In Europe, construction on Signa’s luxury projects has also come to a screeching halt. RFR hasn’t responded to a request for comment. Given the history with Signa’s joint ventures, it’s probable that RFR will take control of the landmark tower. Those talks are now on hold amid troubles at Signa Holding. The partners were reportedly in talks to restructure their lease with Cooper Union, the private arts college, which owns the land under the skyscraper. developers Aby Rosen and Michael Fuchs of RFR own the rest. Then there’s the Chrysler building, in which Benko has a 33% stake U.S. Both Signa Prime and Signa Development are still operational, but market sources are skeptical as to how and if these subsidiaries can continue to operate, especially given the insolvency of Signa Holding. The value of its investment properties tumbled from $3.2 billion to $2.2 billion in the first six months of 2023, according to German news magazine Der Spiegel. Signa Prime Selection, which holds most of the group’s luxury properties and is considered Benko’s crown jewel, had $217 million in debt due at the end of November it is unclear if it was able to meet that obligation.įor Signa Development Selection, the situation isn’t any better. In November, the Peugeot family cut its expected dividend from its investments in Signa Prime and Signa Development by 50% to $8.2 million, after what it reported was a “significant delay in receipt of the dividend” from Signa. As for Signa Prime Selection, apart from Benko, other shareholders include German billionaire Klaus-Michael Kuehne, who has 10% and France’s Peugeot family, with a 4.6% stake.
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