Top subsidiaries of property large Signa file for chapter – DW – 12/28/2023 | EUROtoday

Signa Prime Selection AG, a key subsidiary of the now bancrupt Austrian Signa Holding that owns prestigious actual property in Germany, filed for chapter on Thursday.

The firm introduced that it had filed for debtor-in-possession reorganization proceedings with the Vienna Commercial Court. It stated the Signa Development Selection AG would observe swimsuit on Friday.

“The aim is the organized continuation of business operations within the framework of self-administration and the sustainable restructuring of the company,” the corporate stated in a press launch.

The on-line sporting items division Signa Sports United had already filed for insolvency in October, whereas Signa Holding itself and a number of other smaller subsidiaries introduced their insolvency in current weeks.

What are the subsidiaries involved?

Signa Prime Selection owns the posh KaDeWe division retailer within the German capital, Berlin, the Elbtower in Hamburg, and properties of the Galeria Karstadt Kaufhof division retailer chain, amongst different issues.

It builds and lets properties, leaving the retail operations of the shops to different companies.

According to the corporate web site, it owns properties value a complete of €20.4 billion ($22.7 billion). Its annual report for 2022 listed liabilities of just about €10.8 billion on the finish of the earlier 12 months.

Signa Development focuses on residential and industrial city improvement initiatives. The present steadiness sheet complete is acknowledged on its web site as €4.6 billion.

Signa Holding, a community of some 1,000 corporations, is owned by Austrian actual property and retail mogul Rene Benko.

The community has not too long ago been beset by the upper constructing prices, power costs, and rates of interest which have dogged the complete property sector of late, whereas the brick-and-mortar retail sector can also be struggling, partly in opposition to on-line competitors.

The holding agency filed for insolvency in November this 12 months.

tj/rc (dpa, Reuters)