Following the halt in construction of the Elbtower in Hamburg, nervousness is growing regarding René Benkos Signa’s other prestigious properties that are still under construction.
Vienna. Bankruptcies and construction shutdowns. In the Signa real estate group, owned by René Benko, events are coming to a head. Andreas Geiwitz, hired as the group’s advisor, must ensure order. Not an easy task for Germany’s most prominent renovator, who worked at Galeria Karstadt Kaufhof and became known for the bankruptcy of the Schlecker drugstore chain. He has to keep the money of the intricate and opaque Signa conglomerate together. At this moment, “his current task is to familiarize himself and have an overview of the group of companies”, according to “Presse”.
The current situation: On Wednesday, Signa Sports, Benko’s commercial company, entered bankruptcy. A relatively small area compared to the real estate business. But nervousness is guaranteed: on Friday there was a halt in the construction of Hamburg’s Elbtower, which put the focus on other megaprojects under construction in Signa’s portfolio. An overview.