"Upper West" sold
Signa: Berlin headquarters fetched 450 million euros
The premium properties from the insolvent Signa empire led by René Benko are gradually finding new hands. The sale of the "Upper West" high-rise building in Berlin brought in 450 million euros. The property, which housed Signa's German headquarters and a private luxury apartment for Benko on the upper floors, is going to the industrialist family Schoeller.
Negotiations had already been going on for the last few months, most recently exclusively with Schoeller for some time, German media reported. As the best bidder in a tender process, Schoeller signed the purchase agreement for Benko's former German headquarters last Friday, according to the insolvency administrator of real estate company Signa Prime Selection. The final transfer is expected to take place in the first quarter of 2025.
Loans worth millions are to be repaid
The parties have agreed to keep the details of the transaction confidential, including the purchase price. The sum of almost half a billion euros reported in the media is based on research by the German newspaper "Immobilien Zeitung". Parts of this sum are to be offset against a 200 million euro loan that the Schoeller Group had granted to Signa Prime shortly before the Signa Group collapsed.
Signa paid itself 4.2 million euros in rent for the German headquarters and the luxury apartment, it was reported. The total rent for the high-rise building is said to have amounted to 18 million euros at the end of 2022. Large parts of the building are currently let to the Motel One hotel chain, Wework and the real estate company CBRE. What will happen to Benko's luxury property is still unclear.
120 meters high with 33 floors
With a height of 120 meters and 33 floors, the Upper West, which Strabag was commissioned to design, is one of the most striking landmarks in Berlin's City West. The approximately 55,000 square meter commercial property at Berlin Zoo in the immediate vicinity of the historic Memorial Church includes office space, a hotel as well as retail and restaurant space.
The Schoeller Group from Pullach in Bavaria has already taken over several insolvent Signa projects in Italy. Last year, the industrialist family acquired the five-star Hotel Bauer in Venice, the large-scale Walther Park project currently under construction and the Viva Virgolo development project in Bolzano. In June 2024, Schoeller also took over the Luxembourg division of Signa Prime, which combines the valuable properties of the insolvent real estate group.
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