The move follows reports in the U.K. and German press over the weekend that Signa, the multibillion-euro Austrian property developer, is in crisis due to rising interest rates, sinking real estate values and poor management. in 2021 alongside Thailand’s Central Group, said that Geiwitz will also take over the chairmanship of the shareholders’ committee of Signa Holding.
Signa has also engaged other external consultants, including Rothschild & Co., to help carry out a “thorough review of all business areas, develop measures, and draw up an integrated concept for the group.” “I call on everyone involved to engage with this process. The quality of the Signa Prime portfolio is truly unique, and the prospects of the development projects, located in top locations in German-speaking metropolitan regions, are very good,” he said.
On Monday, Selfridges and KaDeWe issued similar statements saying their businesses would not be impacted by Signa’s woes, and they had the full support of Central.
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