The Tyrolean real estate tycoon’s real estate developer Signa is putting the construction of its largest prestige property on hold. Now there is growing concern about financing Vienna’s construction projects.
Hamburg/Vienna. The Elbtower would still need 145 meters to complete. However, the Hamburg prestige project of the real estate developer Signa is on hold, as the “Hamburger Abendblatt” first reported. The Lupp Group, which was commissioned with the construction, has temporarily stopped work due to a lack of payment from the client Signa. The shell has now reached a height of over 100 meters.
However, Lupp managing director Matthias Kaufmann expresses the expectation that construction work can be resumed soon – they are in close contact with the Elbtower investors about this. Lupp has estimated its order volume for a 35-month construction phase, which began in November 2022, at 136.5 million euros. In total, Signa estimates the investment costs for the skyscraper at 950 million euros, which includes a ten percent reserve.
The Lamarr department store is being built in Vienna
The city of Hamburg sold the corresponding property to René Benkos Signa last November. More precisely to Elbtower Immobilien GmbH & Co. KG. This is a project company of Signa Prime Selection, the largest company in Signa’s real estate sector. After a number of conditions were met, the agreed purchase price of 122 million euros was paid.
Construction work on the Signa project at Hamburg’s Gänsemarkt has recently come to a halt, due to a lack of bank financing due to insufficient pre-letting. The question now arises as to whether construction projects will also come to a standstill in Vienna. The Lamarr department store is currently being built on Mariahilfer Straße. The luxury department store is scheduled to be completed in 2025. The shipyard in Korneuburg is also considered a new showpiece. According to “Presse” information, there are also discussions about the sale of the Tyrol department store as well as other properties in Vienna such as on Mariahilfer Straße and the Park Hyatt. They want to hold on to the Lamarr department store.
Originally planned construction dates
Property price: 122 million euros
Height: 245 meters
Floors: 65
Construction costs: 950 million euros
Completion: 2026
Value after completion: 1.5 billion euros
Losses in the millions
Nevertheless, concern among investors is increasing. The holding company’s loss in the previous year amounted to around 505 million euros, reports the news magazine “News” with reference to the 2022 annual financial statements, which have not yet been published. The debts rose from 634 million euros to 1.996 billion euros. Last year, Signa Prime, where the holding company’s most important projects are located, had to devalue by 1.16 billion euros. That was almost six percent of the market value of the portfolio, which is estimated at 20.4 billion euros.
It has now also become known that management consultant Roland Berger wants to part with his share in the Tyrolean investor’s Signa Prime. Berger holds 1.64 percent of the real estate company.
2023-10-27 13:27:26
#Construction #stop #René #Benkos #Elbtower #Hamburg
