(Bloomberg) — A unit of Signa Prime Selection AG filed for insolvency in a Berlin court on Friday, Der Spiegel said, indicating efforts to save the sprawling property and retail conglomerate are faltering.
Signa Real Estate Management Germany GmbH couldnt meet its payment obligations, the German magazine said, citing a request submitted by the company. The firm is a fully-owned subsidiary of Signa Prime, which co-owns the Selfridges department store in London and Berlins KaDeWe, and is itself the largest division in the group founded by Austrian tycoon Rene Benko.
A full-blown insolvency of Signa Prime could come as a shock for European property markets as Signa Prime and Signa Development, another unit, valued their assets at more tha…
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