Real estate - Left-wingers see Elbtower on fire with Signa Prime insolvency
In the view of the Left Party in Hamburg's parliament, the Elbtower is also under fire as a result of Signa Prime Selection AG's requested restructuring procedure. "Benko's empire is collapsing, now it's the Elbtower's turn," said Heike Sudmann, spokesperson for urban development policy for the left-wing parliamentary group, on Thursday. The supposed security provided by Signa Prime Selection AG was not worth the paper of the purchase agreement. "The Red-Greens have relied on the principle of hope the whole time, according to the motto 'everything will work out'. But it didn't work out."
Signa Prime Selection AG had previously applied to the commercial court in Vienna for debtor-in-possession restructuring proceedings. "The aim is the orderly continuation of business operations within the framework of self-administration and the sustainable restructuring of the company," the company announced. According to the city development authority, Signa Prime Selection AG, led by Austrian investor René Benko, is the indirect parent company of Hamburg Elbtower Immobilien GmbH & Co KG, which in turn purchased the Elbtower property from the city.
With regard to the purchase agreement, Sudmann said that the city could not now exercise the repurchase right "as it only applies in the event of insolvency within one year of completion in accordance with section 19.1.3". And the Elbtower is still a long way from completion. "Not a cent of taxpayers' money for this bankrupt tower - this statement must continue to apply," emphasized Sudmann.
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Source: www.stern.de
