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Elbtower construction site in Hamburg: Real estate developers in financial difficulties
Photo: IMAGO/Chris Emil Janssen / IMAGO/Chris Emil Janßen
After the retirement of its founder René Benko, things are now set to move quickly at the crisis-stricken real estate group Signa. The auditor Arndt Geiwitz, who has been appointed as restructuring manager of the Signa Group, intends to present key steps for the restructuring of the company by the end of November. This was announced by the real estate and retail group on Friday.
It is important to put all areas of the Group to the test and to find long-term solutions. "For the duration of the restructuring, Arndt Geiwitz will take responsibility for the interests of the Benko Family Private Foundation," it said. It is not yet possible to estimate how long this restructuring will take.
As an additional member of the board of directors of Signa Prime and Signa Development, which specialize in real estate projects, the German management consultant Ralf Schmitz is now also on board, the company further announced.
The 46-year-old Signa founder René Benko relinquished his power on Wednesday and placed the helm of the company in the hands of Geiwitz. The company, which acquired and developed real estate in prime locations in European cities and in the USA during the long period of low interest rates, had run into difficulties due to higher interest rates and increased construction costs. One of the Group's projects is the Elbtower in Hamburg. Benko had also acquired the department store group Galeria Karstadt Kaufhof years ago.
mic/dpa