Insolvency of Mariahilfer Straße 10-18 GmbH: Liquidator Seeks to Sell Premium Department Store and Hotel Project ‘Kaufhaus Lamarr’

René Benko’s Prestige Lamarr Shell: A Disaster in the Making

In early February 2024, Mariahilfer Straße 10-18 Immobilien GmbH, a company owned by the Signa Group, declared bankruptcy with 276.5 million euros in liabilities. The liquidator Clemens Richter is now looking to take over the property related to the planned Benko prestige project “Kaufhaus Lamarr” in order to generate revenue. Richter explained that the priority in the initial phase of the insolvency proceedings was to ensure the security of the construction site. Now, a structured sales process has been initiated to find the best buyer and resolve uncertainties surrounding the future of the Lamarr project.

The construction project includes the development of a premium department store and hotel, along with an underground car park and roof garden open to the public. The building structure has been completed, and various systems and services have been pre-installed. The property was originally home to the Leiner furniture store before it was acquired by René Benko in 2017 and later taken over by Signa for 190 million euros.

The bank debts of Mariahilfer Straße 10-18 GmbH amount to 260 million euros, but the relevant bank loan is not fully utilized. Two banks have liens totaling 390 million euros registered on the property, with Bank Austria and Raiffeisenlandesbank Oberösterreich being the primary holders. A market value report is expected to be obtained for the property, and

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