2023-11-03 18:35:49
Standstill: The construction site for the Elbtower in Hamburg is at a standstill. Image: picture alliance / ZB/euroluftbild.de
Construction sites like the Elbtower in Hamburg are at a standstill, important investors are turning away: René Benko’s real estate empire is in trouble. Now everything points to his withdrawal.
Austrian René Benko built a real estate empire from nothing. Through the purchase of Karstadt and the merger with Galeria Kaufhof, the busy developer has even become the master of the department stores in German city centers. But after rising from a school dropout to a billionaire with more and more large buildings, Benko and his Signa group of companies are now threatened with a fall.
Prominent investors had invested a lot of capital in Benko’s company – and had put pressure on him in the past few days. On Friday afternoon everything boiled down to Benko having to withdraw from his own company. The well-known insolvency administrator Arndt Geiwitz had previously examined the group of companies as a consultant. According to the wishes of the financiers, the restructuring specialist should now take over Benko’s voting rights and organize the company.
#Benkos #empire #begins #falter