Migros Bank granted a loan of almost 100 million francs to Signa, guaranteed by “a department store building located in a prime location in downtown Zurich”, presumably Globus. (archives) KEYSTONE/LAURENT GILLIERON sda-ats
This content was published on January 18, 2024 – 3:39 p.m. January 18, 2024 – 3:39 p.m.
(Keystone-ATS)
Migros Bank confirms that it is exposed to the tune of 97 million francs to a real estate company, following several press articles about the bankrupt Austrian group Signa.
It is a “commitment to a syndicated loan guaranteed by a real estate pledge granted to a real estate company”, explains the financial arm of the orange giant on Thursday, without mentioning the name of René Benko’s faltering empire.
The financing was granted to a real estate company in which several investors participate, adds the bank which “obtained the lifting of banking secrecy” in order to be able to communicate. “The mortgage is guaranteed by a first-rank real estate pledge”, in this case “a department store building located in a prime location in downtown Zurich”, echoing the Globus department stores, sold by Migros to a consortium including Signa. “The building is rented and all interest and amortization have been reliably paid,” adds the establishment.
Banque Migros adds that it has a loan portfolio of 50 billion francs, 94% of which is guaranteed by real estate collateral. The annual results will be published next Tuesday.
2024-01-18 17:44:59
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