House of Representatives debates the consequences of the Signa problems
The Berlin House of Representatives will be discussing the economic problems at real estate group Signa on Thursday (from 10.00 a.m.). In a topical debate, the MPs want to discuss the consequences for Signa construction projects in the city and how to proceed politically.
The Greens and the Left Party had recently called on the black-red Berlin Senate to stop development plan procedures for Signa projects on Ku'damm and Hermannplatz, for example. The building authorities had rejected this and justified it with questions of urban development and the safeguarding of department store locations.
Similar to other companies in the real estate sector, Signa is struggling with increased interest rates and higher material costs. A week ago, the group announced in Vienna that founder René Benko was withdrawing from the management of the ailing group.
The Signa Group also includes the department store group Galeria Karstadt Kaufhof, which has already been through two insolvency proceedings. In Berlin, the company is pursuing a whole series of construction projects at department store locations and beyond.
Before the session of the House of Representatives (09:00), parliamentarians and members of the Senate will gather in the plenary chamber for a commemoration ceremony to remember the Nazi pogrom night 85 years ago. A speech by Governing Mayor Kai Wegner (CDU) and a speech by historian Michael Wolffsohn are planned.
On November 9, 1938, the Nazis attacked synagogues, Jewish people, stores and homes - a wave of violence that led to the extermination of six million Jews in Europe a few years later. On the 85th anniversary of Pogrom Night the previous week, a series of commemorative events were held in Berlin.
The House of Representatives is also expected to discuss the impact of Signa's problems on its ongoing construction projects in Berlin's real estate sector. Despite the economic challenges faced by Signa, due to increased interest rates and higher material costs, they continue to have several construction projects in Berlin, including department store locations.
Source: www.dpa.com
