The empire of Austrian billionaire René Benko has been tottering for weeks. Now, Signa Holding, the parent company of the real estate and trading group, has filed for bankruptcy. Various subsidiaries are also bankrupt. The future of Galeria Karstadt Kaufhof and other Signa holdings is uncertain. SportScheck 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. 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 the major projects in which Signa has a hand in various subsidiaries.
Source: Stern
