Problems at the Signa Group: Construction projects in Hamburg and Stuttgart stopped

Die Probleme der Signa-Gruppe des Tiroler Immobilieninvestors Rene Benko reißen nicht ab: Nach dem Insolvenzantrag des Sporthändlers Signa Sports United beginnt nun laut Medienberichten offenbar das Immobilienreich des Selfmade-Milliardärs zu bröckeln.

Some real estate projects in Germany - such as the Elbtower in Hamburg - have been stopped at least temporarily, as newspaper reports show.

Construction site autumn at Signa

After construction stopped on the Elbtower in Hamburg, planning for a major project in Stuttgart has now also been stopped. Both projects are operated by the Signa Group Rene Benkos.

Sports arena in Stuttgart's Königstrasse as a construction site

The latest construction site – in the truest sense of the word – is the sports arena on Stuttgart’s Königstrasse. According to the “Stuttgarter Zeitung” (Monday edition), the planning office Steidle Architekten from Munich received the announcement to interrupt the half-completed work planning for the new wooden hybrid building.

Signa Retail's million-dollar project envisaged 2,300 square meters for retail and 5,000 square meters of office space. Signa announced at the beginning of the year that the German department store chain Edeka Südwest would operate a full-range store there on 1,500 square meters.

Signa still owns a Galeria Kaufhof property in Stuttgart with a parking garage. According to the newspaper, another property with a parking garage was sold to the city for 58.5 million euros a few months ago. The sale of the new project to the Munich-based Dibag AG was rumored some time ago, but has not yet been confirmed. The newspaper quoted Dibag AG's statement as saying that people are fundamentally interested in properties in good locations in Stuttgart.