(Bloomberg) — At its height, the empire of luxury retail and real estate tycoon Rene Benko appeared to have no limits. It extended from Europe to the US, boasting a trophy case that included stakes in some of the worlds most recognizable properties, including the Chrysler Building in New York and the UK department store Selfridges.
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Boosted by ultra-low financing costs in the days of loose monetary policy, Benkos alliance of companies not only amassed name-brand holdings but also broke ground on new ones, such as the Elbtower, a partly completed development touted as the future tallest building in Hamburg.
Now, only a few years later, the key pillars of Benkos Signa group have collapsed into insolvency, leaving …
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