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...Creditors of the two most important companies in the bankrupt Signa property group are pushing to oust management and hand over control to independent auditors, over fears their interests are being sidelined...
...property market following a rise in interest rates over the past 18 months....
...’s collapse on rising interest rates and their impact on property valuation models....
...Before its collapse, Signa estimated its property assets to be worth €28bn....
...German insurers including Munich Re and Allianz have amassed more than €3bn of exposure to the struggling property empire owned by real estate billionaire René Benko....
...René Benko’s luxury property group sold the stake in the west Berlin property to Thailand’s Central Group in March for about €300mn, according to three people directly familiar with the transaction, as it...
...As Jones put it: “You might think it puts on notice the sort of character Mr Burke is [and the] sort of services he provides.”...
...Austria’s anti-corruption prosecutors have opened an investigation into property mogul René Benko for allegedly defrauding a bank....
...Liechtenstein’s chief public prosecutor has opened an investigation into the financial affairs of the Austrian property mogul René Benko for possible money laundering and fraud in the tiny, secretive alpine...
...Munich’s state prosecutor is looking into allegations of money laundering at the Signa Group, René Benko’s collapsed luxury property empire....
...Creditors to the two biggest companies in René Benko’s property empire will receive just €2.5bn back, from more €15bn of claims, according to a five-year windup plan approved on Monday....
...Just €250mn of the €5.26bn of debt owed by the company at the centre of René Benko’s collapsing property empire had been secured against tangible assets, said its administrator, raising fresh questions about...
...The project, owned by Signa Prime — one of the three main holding companies at the centre of the collapsed Signa group’s luxury property empire — had a gross development value of €1.4bn, documents seen by...
...The disaggregated model — whereby Signa split ownership of the properties from their tenants — was a key part of the way Benko raised billions of debt and aggressively expanded across Europe’s luxury property...
...Without the money, the two businesses will have no option but to try to sell their assets in an already troubled commercial property market....
...Further reading:— Signa unravelled: inside René Benko’s debt-laden property empire (FT)— Signa sold prized KaDeWe property at cut price (FT)— How Austria’s political elite helped René Benko’s rise (FT)...
...Technically the Shuvalov property on the Attersee is owned by a Liechtenstein trust, which Heilig-Hofbauer explains, exploits a quirk of Austrian property law....
...Over two decades, René Benko grew his Signa property empire from humble beginnings fixing up apartments in his home city of Innsbruck to its apex as one of Europe’s most successful property developers....
...sam.jones@ft.com Letter in response to this article: Vienna was at the centre of global crisis once before / From Dr John Doherty, Vienna, Austria...
...Since acquiring the property for €60mn in 2010, Signa had more than doubled the valuation to €160mn by 2021, helped by a booming property market....
...Creditors of the Austrian property group founded by René Benko gathered in Vienna for their first meeting on Tuesday....
...Plus, the FT’s Sam Jones talks about the collapse of one of Europe’s biggest property developers, Signa....
...The administrator for the company at the centre of René Benko’s property empire has sacked the party planners, receptionists, hunters and private jet crew that together made up most of its staff, a court...
...To Russell Jones, who has just secured a new two-year deal for £330,000 to buy a home in Bristol, a tracker mortgage looked too expensive....
...Signa Holding, the sprawling European property empire of Austrian billionaire René Benko, has filed for insolvency proceedings in Vienna....
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