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René Benko, the real estate investor, is stepping back from his own conglomerate, Signa, due to mounting pressure from investors. On Friday, he transferred his voting rights to a restructuring expert. This move has significant implications for Globus, the department store chain Benko co-owns with the Thai Central Group.
Benko’s real estate empire is in ruins, and his withdrawal from Signa is expected to cause a significant shakeup. Experts predict that the Thai Central Group will now fully take over Globus, a move that makes sense given their direct involvement in Globus’s recent reorientation. In May 2020, Migros sold Globus.
Despite numerous questions about the future, Globus has not responded to inquiries. Signa also declined to comment. However, it is clear that the risks of Globus’s real estate are partially borne by the cantonal banks. The loans were concluded at low rates. For instance, the Basler Kantonalbank finances one of the two Globus properties in Basel. All real estate investments in Switzerland are held by Luxembourg companies. German restructuring expert Arndt Geiwitz is expected to replace Benko.
Benko’s Signa has investments across half of Europe, always in prime locations with prestigious brands. He owns properties such as the Elbtower in Hamburg, the Kaufmannshaus, the Alsterhaus, and the Alsterarkaden. In Berlin, he owns the Upper West high-rise and the prestigious KaDeWe, and in Munich, the Alte Akademie is part of the Signa Prime Selection AG business segment. In Vienna, the group owns the Golden Quarter, the Wiener Postsparkasse building, and the Bank Austria Kunstforum.
Signa Holding is one of the most important real estate and trading conglomerates in Europe, with a balance sheet total of 27 billion euros. As a result, the pressure on Benko has been increasing in recent days. Investors will no longer provide him with money, according to reports. Austrian reports suggest that Benko has “agreed” to his removal of power, but the billionaire has also put forward his “own ideas”.
Benko now wants to know if the shareholders would be willing to contribute to the restructuring of the group with such a comprehensive solution. Discussions are still ongoing, and a solution could be reached over the coming weekend.