Real Estate Development

Whistleblower System to Help Clarify the Signa Bankruptcy

The investigation into the insolvency of the Signa real estate empire is progressing. A new whistleblower system is now intended to help bring transparency to complex corporate structures through information from employees and creditors and to reveal previously undiscovered information.

September 11, 2024

Signa Group in Crisis: Saudi Arabian Sovereign Wealth Fund Seeks Complete Takeover of Selfridges

The economic turbulence surrounding the Austrian Signa Group has taken a new turn: The Saudi sovereign wealth fund Public Investment Fund (PIF) is planning a complete takeover of the renowned British department store Selfridges. This announcement comes at a time when Signa, under the leadership of founder René Benko, is facing significant financial challenges.

July 25, 2024

Imfarr: Another Austrian Real Estate Developer in Insolvency

The Viennese real estate developer Imfarr Beteiligungs GmbH has applied to the Vienna Commercial Court for restructuring proceedings without self-administration. The company's liabilities amount to around 604 million euros. This affects 18 employees and around 110 creditors.

July 23, 2024

Reorganization Proceedings of Signa Prime Selection Fail in Court for the Time Being

In a significant decision, the Vienna Higher Regional Court (OLG) upheld the appeal of the Finanzprokuratur against the trustee restructuring plan of Signa Prime Selection AG. The reorganization plan previously confirmed by the Commercial Court of Vienna was thus annulled.

July 8, 2024

Signa's Major Project "Lamarr" in Vienna Seeks New Owner

The prestigious "Lamarr" real estate project on the bustling Mariahilfer Strasse, a flagship property of the troubled Signa Group, is now officially on the market.

March 6, 2024

Austrian Technology at the Center of Gigantic Construction Projects in Dubai

The Austrian company Doka is continuing its international success story and will once again demonstrate its expertise in high-rise construction. The planned Azizi Tower in Dubai, which is to be completed within the next four years, aims to become the second tallest building in the world.

March 5, 2024

Signa-Retail Company Lamarr Declares Bankruptcy

The highly anticipated Lamarr Kaufhaus project on Mariahilfer Straße in Vienna, set to include a flagship department store and hotel, has filed for bankruptcy. This development comes as a significant blow, as the project, originally slated for completion in 2025, has faced financial turmoil. The insolvency was confirmed by the Creditors' Protection Association KSV 1870 on Friday.

February 4, 2024

Signa Crisis: Call to Investors for Financial Support

Signa Holding, a prominent real estate company, is facing financial difficulties. Erhard Grossnigg, the Chief Restructuring Officer of the Signa subsidiaries Prime and Development, has sent a letter to investors urgently requesting additional funding.

January 4, 2024

Vienna Commercial Court Establishes Creditors' Committee for Signa Holding

The Austrian Signa Holding, founded in 2000 by René Benko, is currently facing major challenges. The Commercial Court of Vienna has set up a creditors' committee for the ongoing reorganization proceedings to examine the non-transparent structures of the Signa Group and to decide on the reorganization plan offered by Signa.

December 18, 2023

The Future of a Crumbling Empire: René Benko's Signa Group in Insolvency

The insolvency of the Signa Group, an Austrian company active in various sectors, including the real estate market, has far-reaching implications. Read more about the future of the Austrian flagship company!

December 6, 2023

Buying Real Estate in Austria - Things You Should Consider First

Not only in the capital Vienna, which is almost regularly awarded for its high quality of life, in many regions of Austria nature, culture and safety are felt everywhere in daily life and allow a certain lifestyle. That's why expats often choose to establish residence in Austria, even after their professional activities here have ended.

Birgit Adelsberger · September 15, 2023

Real Estate Prices in Austria Increased: Housing Increasingly Less Affordable

The cost of residential real estate in Austria has risen dramatically in recent years, significantly affecting affordability for many households. According to a recent analysis conducted by UniCredit Bank Austria, residential property prices in the euro area have risen faster than incomes. Austria has been particularly affected by this development, where property prices have actually fallen by almost 40 percent compared with incomes.

August 31, 2023

City of Vienna Pushes for Rent Cap

The City of Vienna has called for an Austrian-wide rent price cap since it does not want to implement these regulations on its own. The rent price cap is heavily debated in Austria at this moment because the guideline value for rents might increase too much in April.

March 2, 2023

Austrian National Council Ends Brokerage Fees

A long debate will end on Wednesday as the Austrian national council will end the fee for brokers in the real estate market. Until now, new tenants used to pay the brokerage fee when they moved into their new apartment. The situation has changed now.

February 28, 2023

The Hike of Real Estate Prices Is Ending

The rise of prices for real estate is slowly coming to an end. The Austrian Real Estate Association (OVI) reported in front of journalists that the prices have hit the ceiling now. However, this is not a drop in prices but just a stabilization of them. The demand for real estate has gone back in the last months.

January 10, 2023

Marina Tower: Completion of the Highest Residential Tower in Vienna

The highest residential tower in Vienna with 140 meters and 41 floors is successfully completed in these days.

February 10, 2022

Everything You Always Wanted to Know About China's Permanent Mission to the UN and Other International Organizations in Vienna

The villa and park complex at Hohe Warte in Vienna Döbling, which was sold to the People's Republic of China in 2013 for a reported € 21 million, and in which its UN embassy has been located since 2020 under the leadership of H.E. Ambassador Wang Qun, has a storied ownership history and already belonged to Hungarian-Habsburg high aristocrats, Yugoslavian war criminals and the City of Vienna, which used it as an orphanage and in which sexual child abuse was carried out.

January 25, 2022

New 153-Meter Luxury Tower V22 in Vienna to be Completed by 2025

Construction is currently underway on a new 153-meter luxury tower in Vienna's 22nd district. The project, known as VIENNA TWENTYTWO or V22, is expected to be fully complete by 2025. Learn more about one of Vienna's largest urban development projects and see what it is expected to look like upon completion.

December 7, 2021

Südbahnhotel am Semmering: Former Grand Hotel Has New Owner

The former luxury hotel an hour's drive south of Vienna, which has been little used for decades, has been bought by the foundation of a Viennese entrepreneur and is to be revitalized. The focus is to be on cultural events. However, it will take years for the hotel to be fully developed.

November 5, 2021