Administrators at René Benko’s collapsed European property empire, Signa, are seeking €350m from investors to avoid a fire sale of assets, including its stake in Selfridges.
Signa Prime and Signa Development, the two holding companies that own the bulk of the wider Signa Group’s property assets, wrote to shareholders days before Christmas urging them to stump up fresh capital.
Erhard Grossnigg, the companies’ administrator, said hundreds of millions of euros were needed “quickly” to tide the companies over until April and avoid writedowns.
