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Real estate magnate Ren Benkos Signa Group is faltering. Their crisis is unlikely to remain an isolated case, says a real estate expert.
They are or are being built in a prime location. And they could one day generate a lot of profits. At least in theory. We are talking about large-scale construction projects such as the Elbtower in Hamburgs Hafencity. Ren Benko and his Signa Group have invested heavily in the Elbtower. But now the machines on the construction site are at a standstill. Signa is threatened with ruin.
The problem: Benkos empire is built on loans. And these loans are now becoming increasingly heavier. The construction costs and interest are to blame for this. Both have risen massively, especially in Germany, beca…
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