2023-11-27 02:12:22
Economy after Signa bankruptcy
Billionaire Kühne is apparently considering taking over the Elbtower
As of: 01:12 a.m. | Reading time: 2 minutes
The Elbtower – currently the largest construction site of the ailing Signa trading and real estate empire
Source: AFP/AXEL HEIMKEN
According to a media report, Hamburg billionaire Klaus-Michael-Kühne is interested in taking over the Elbtower real estate project. According to an insider, the negotiations are said to be quite advanced.
According to a media report, billionaire and logistics entrepreneur Klaus-Michael Kühne is considering taking over the Elbtower high-rise project in his hometown of Hamburg. This was reported by “Handelsblatt”, citing several people familiar with the process. The high-rise, planned with construction costs of 950 million euros, is currently the largest construction site of the ailing trading and real estate empire Signa, which was founded by the Austrian billionaire René Benko.
High construction costs, rising loan interest rates and home-made problems had put the group in trouble and led to the insolvency of its subsidiary Signa Real Estate Management Germany (Signa REM) on Friday. It is a subsidiary of the Signa subsidiary that develops particularly prestigious real estate projects in Berlin, Hamburg and Munich, among others. In addition to Benko’s premium properties, the company also brings together businesses such as the development of the Elbtower.
When asked by Handelsblatt, Kühne declined to comment on the alleged review of the Elbtower takeover; spokespeople for Signa and the city of Hamburg were not initially available.
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A newspaper insider reported that Kühne had conducted initial negotiations with the Hanseatic city. “They are already quite far along in the discussions,” he said. However, according to the report, those around Kühne Holding said that the company is concerned with playing a role in shaping the future of the Elbtower. However, no decisions have been made so far. The city does not yet have access to the project, so the scope for influence is limited.
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The problems at Signa are likely to get worse in the meantime: those around the company say that bankruptcy filings for large parts of the group could occur at the beginning of next week if an investor doesn’t come along unexpectedly by then. Preparations for this should be underway. It’s about three-digit million sums that are intended to stabilize the group.
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