It used to be the headquarters of the traditional stationery store Kaut-Bullinger, but it is now one of the failed real estate projects of René Benko’s Signa Group – now the property at Rosenstrasse 8 has a new owner: Signa has sold the property to an investor.
This emerges from a new interim report from an Austrian law firm on the restructuring process of Signa Prime Selection AG, the document is available to the SZ. Signa has brought together its top Munich real estate projects in this section. The report states that “the signing for the property at Rosenstrasse 8 in Munich has now taken place with the best bidder.” The word “Signing” stands for the sealing of a purchase contract.
The report does not say who the buyer is and what the purchase price is. The real estate specialist media ReactNews and Real estate newspaper but report that the buyer is the Munich real estate entrepreneur and business lawyer Erich Schwaiger. He should therefore pay a price of around 85 million euros for the property. Like Signa, Schwaiger left a request unanswered.
Last week, another Munich real estate entrepreneur, Alfons Doblinger, was considered a candidate to buy Rosenstrasse 8. The Bloomberg news agency first reported on it, then also the SZ.
The rumored purchase price is slightly higher than the approximately 80 million that Signa paid when purchasing the property in 2020. With the interest and planning costs that have now accrued, Signa is unlikely to make a big profit from the deal. The group had already put the property up for sale in the summer of 2023 and was reportedly hoping for proceeds of 100 million euros.
Simulation of the new building that Signa had planned to replace the Kaut-Bullinger on Rosenstrasse
(Photo: Moriet & Brro)
The development with Schwaiger as the presumed buyer also comes as a surprise because he has not previously been involved in real estate transactions of this type. Almost ten years ago, his company Concept Real was one of the developers of the “Am Südpark” residential area in Obersendling. In 2011, Schwaiger tried to buy 40 hectares of the Munich racing club’s huge horse racing property in Riem, but failed.
It is completely unclear what will happen to the property, which is currently cordoned off with a construction fence. Signa had planned to demolish and build a new commercial and office building, but had not yet received a building permit. It remains to be seen whether the new owner will continue this project or start new planning.