Lamarr building site

Liquidator: great interest in Benko ruin

(Bild: Peter Tomschi)

Not even 40 percent of the Lamarr luxury department store planned by René Benko on Vienna's Mariahilfer Strasse has been completed. Not much is happening on the building site at the moment; Benko's former flagship project looks more like a ruin. But according to the liquidator, there is great interest in the shell of the building. 

As Clemens Richter, liquidator of the insolvent project company, said on Wednesday, the realization process is "in full swing", but he could not give a timetable or details of the bidders. It is assumed in the industry that more than 30 bidders are interested in the project.

Planned opening in spring 2025 canceled
Following the audit and hearing, Richter spoke at the insolvent department store construction company Mariahilfer Straße 10-18 Immobilien GmbH. The project company, which belongs to the Signa Group, is the owner of the property on the busy shopping street, but had to file for bankruptcy in February due to the bankruptcy of Signa Prime. The multi-storey department store, which is named after Hollywood diva and inventor Hedy Lamarr from Vienna, was originally due to open in spring 2025.

"Attract the largest possible group of bidders"
The aim is to "address the largest possible group of bidders in a transparent sales process", the Alpenländische Kreditorenverband (AKV) also reported, referring to information provided by the liquidator. According to AKV and Kreditschutzverband 1870 (KSV1870), EUR 340 million in claims have been registered in the bankruptcy proceedings to date, of which liabilities amounting to EUR 174 million have been recognized by the liquidator. However, the creditors' protectors assume that the number of claims filed will increase.

The insolvent Lamarr company is owned 50 percent each by Signa Prime Capital Invest GmbH - a subsidiary of Signa Prime Selection, which is also insolvent - and Skyred Holding 9, based in Luxembourg, a subsidiary of the Thai Central Group, which also holds stakes in other Signa luxury properties and operates department stores, restaurants and hotels itself.

More than 100 insolvencies in Austria and Germany
Speaking of Benko's web of companies: it is not only the largely insolvent Signa conglomerate that has always been difficult to understand. This also applies to the dozens of insolvencies of individual Signa companies. In addition to the twelve insolvencies with which the reeling real estate company is associated in Austria, there are more than 100 in Germany, including the legally possible "provisional insolvencies".