As the company announced on Nov. 8, 2023, Austrian real estate investor René Benko has stepped down as Chairman of the Advisory Board of Signa Holding and handed over the chairmanship to Arndt Geiwitz. The German restructuring specialist is also taking over the chairmanship of Signa’s shareholders’ committee, as reported by several Austrian media outlets. However, the Benko family’s private foundation remains the largest shareholder in the holding. Some insiders are now reportedly assuming that a possible break-up of the real estate and retail empire is imminent.
The news follows reports that Signa Real Estate had halted several major construction projects in Hamburg (Elbtower) and Berlin. Signa Real Estate (which includes Signa Prime Selection AG, Signa Development Selection AG, Signa RFR US Selection AG and Signa Luxury Hotels) also owns the KaDeWe in Berlin, Alsterhaus in Hamburg, Oberpollinger in Munich and the Chrysler Building in New York, the latter together with the New York real estate developer RFR.
We have already reported on the most recent developments at Signa Retail (consisting of the three independent retail platforms Signa Premium, Signa Department Store Group and Signa Food & Restaurants).
