From KaDeWe to Elbtower
Department stores, hotels, luxury: This is what became of René Benko’s bankrupt empire
Despite being bankrupt, René Benko continued to live in luxury, and now he has been arrested. What became of his spectacular prestige properties – from KaDeWe to the Chrysler Building.
It is the most spectacular bankruptcy in recent years: Signa Holding filed for bankruptcy at the end of November 2023, 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.
This week the next act of the bankruptcy drama followed: Benko was arrested in his villa in Innsbruck because the public prosecutor suspected him of having hidden assets from creditors and authorities. The process of coming to terms with the Benko bankruptcy is ongoing, and the Signa Group’s corporate structure is considered legendarily opaque.
René Benko and his spectacular projects
In Germany, Benko became best known for taking over the Galeria department store chain. At his core, Benko is a real estate investor who has been involved in numerous large-scale projects. In particular, rising interest rates in 2023 meant that many bills no longer paid and Signa’s liquidity problems worsened.
The Signa portfolio included 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. Some particularly important Benko investments – such as the KaDeWe Group and Galeria – have now found new owners. The future is open for other projects and investments. The photo series provides an overview.
Source: Stern
