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Upper West in Berlin: René Benko's real estate empire before sale
Discover how René Benko's top property, the Upper West in Berlin, becomes a bargain. Insiders reveal exciting details about the upcoming sale. #renébenko #real estate market #upperwest
Upper West in Berlin: René Benko's real estate empire before sale
Intensive work is currently underway to monetize Signa's silverware. A flagship in René Benko's real estate empire is the Upper West in Berlin. With a height of 118 meters, it is one of the tallest buildings in the German capital. The building houses a Motel One hotel with 582 rooms and numerous areas for offices and shops. Even René Benko himself is said to have used a 650 square meter penthouse apartment.
Originally built by a subsidiary of Strabag, the Upper West later became the property of US real estate investors RFR Holding. In 2017, René Benko showed interest in the prestige tower and bought not only the Upper West, but also four other luxury properties for a total of 1.5 billion euros.
After financial problems within the Signa Group, the Upper West is now up for sale again. According to insider reports, this could be a bargain for potential investors. The property, valued at 660 to 700 million euros at the end of 2022, is now expected to change hands for around 450 million euros.
The decision to sell is driven by leading lenders who prefer a stable owner. Since the Signa Group is economically unstable, the property has a debt of around 300 million euros. The complex company structure around the Upper West includes several companies that extend as far as Luxembourg.
Due to this structure, a potential buyer could achieve savings in real estate transfer and trade taxes in Germany, provided that company shares are sold instead of the property. After the mortgage is paid off, the proceeds from the sale flow to Signa Prime's creditors.