At the end of November 2023, Signa Holding filed for bankruptcy, and since then the empire of the Austrian billionaire René Benko has continued to crumble. In addition to the parent company of the real estate and trading group, numerous subsidiaries and their investments have also filed for bankruptcy. The future of the insolvent department store chain Galeria Karstadt Kaufhof, the Signa holding KaDeWe and other companies is uncertain. SportScheck also had to file for bankruptcy shortly before a planned sale.
In Germany, Benko is best known for its takeover of the Galeria department store chain. At his core, Benko is a real estate investor who has been involved in numerous large-scale projects. The increased interest rates in particular meant that many invoices no longer paid off last year and Signa’s liquidity problems worsened.
The Signa portfolio includes department stores in Germany and Austria, luxury hotels in Venice and on Lake Garda as well as other prestige properties in prime city center locations. In Hamburg he recently tried his hand at building the spectacular Elbtower. The photo series shows some of Signa’s major projects, which now face an uncertain future.