The problems of Tyrolean real estate investor Rene Benko’s Signa Group are not going away: after sports retailer Signa Sports United filed for bankruptcy, according to media reports, the billionaire’s self-built real estate empire is apparently starting to crumble.
Some real estate projects in Germany – such as the Elbtower in Hamburg – have been halted, at least temporarily, as newspaper reports show. Signa has not yet responded to APA’s questions.
Sports arena on Stuttgart’s Königstrasse as construction site
The latest construction site – in the truest sense of the word – is the sports arena on Stuttgart’s Königstrasse. According to the “Stuttgarter Zeitung” (Monday edition), the Munich planning office Steidle Architekten has received the announcement to stop planning the incomplete works on the new hybrid wooden building.
Signa Retail’s million-dollar project provided for 2,300 square meters of retail and 5,000 square meters of offices. Signa announced earlier this year that German department store chain Edeka Südwest would operate a full store on 1,500 square meters there.
Signa also owns a property at Galeria Kaufhof in Stuttgart with a garage. According to the newspaper, another property with a garage was sold to the municipality a few months ago for 58.5 million euros. The sale of the new project to Munich-based Dibag AG has been rumored for some time but has not yet been confirmed. The newspaper quoted Dibag AG’s statement as saying that people are fundamentally interested in properties in good locations in Stuttgart.