276 million euros in debt: Now the Signa project “Lamarr” is also bankrupt

Now “Lamarr” has also been hit: Mariahilfer Straße 10-18 Immobilien GmbH, founded in 2021, applied for the opening of bankruptcy proceedings at the Vienna Commercial Court on Friday, as the creditor protection associations KSV1870, AKV and Creditreform report. This is the owner of the property.

The flagship store of the Leiner furniture chain previously stood at this address; the top floor was occupied by the former Kika/Leiner owner Herbert Koch and his family.

• more on the subject: Will Upper Austria’s banks soon own the Viennese luxury department store Lamarr?

The liabilities amount to 276.5 million euros – of which 260 million are with banks. As reported, Raiffeisenlandesbank Oberösterreich, Oberbank and Hypo Oberösterreich are also financiers of the project. 16.5 million are accounts payable to suppliers. Almost 80 creditors are affected. The shell is currently in place. Construction work has effectively come to a standstill since December.

The completion of the construction work and the opening of the department store was originally planned for the second half of 2025, as Creditreform explains. Due to the crisis of the Signa Group and especially the restructuring process with self-administration of the assets of the debtor’s indirect shareholder, Signa Prime Selection AG, the financing of the construction completion is currently not secured, reports KSV1870. The assets of the insolvent company essentially represent the property, which, however, is burdened with a maximum mortgage in favor of the financing banks totaling 390 million, according to the AKV.

According to KSV1870, the company has made intensive efforts in recent weeks to secure the necessary financing for construction completion. In particular, discussions were held with potential investors. These discussions have not yet been successful.

According to the commercial register, Mariahilfer Straße 10-18 Immobilien GmbH is owned 50 percent each by Signa Prime Capital Invest GmbH and Skyred Holding 9, based in Luxembourg. Signa Prime Capital Invest is a subsidiary of the insolvent Signa Prime Selection AG and Skyred Holding 9 is an indirect subsidiary of the Thai Central Group. The KaDeWe Group, which also belongs to the Signa and Central Group, would have been intended to operate the Lamarr.