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Search resuls for: "Moesenbacher"


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A view of the sign of Signa Holding on their headquarters in Vienna, Austria, November 6, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsVIENNA/FRANKFURT, Nov 29 (Reuters) - Property and retail giant Signa declared insolvency on Wednesday after last-ditch attempts to secure fresh funding failed, the biggest casualty so far of Europe's property crash. Signa blamed its problems on external factors affecting its property business and pressure on high-street shopping. Fuelled by low interest rates, billions were funneled into property, which was viewed as stable and safe. Weakness in commercial real estate in the United States as offices remain empty after the pandemic and the struggles of major property developers in China have focused global attention on the sector.
Persons: Leonhard Foeger, Rene Benko, Signa, Switzerland's Julius Baer, Hannes Moesenbacher, Matthias Inverardi, Rachel More, Madeline Chambers, Catherine Evans Organizations: Signa, REUTERS, Rights, Chrysler, Austria's Raiffeisen Bank, Thomson Locations: Vienna, Austria, FRANKFURT, Germany, Switzerland, Hamburg, Bavaria, Hesse, Europe's, United States, China
View of the construction site of the Elbtower building, owned by Rene Benko’s Signa and a Commerzbank subsidiary, in Hamburg Germany, November 2, 2023. On Friday, Signa Real Estate Management filed for insolvency in a local court in Berlin, according to a court filing. The real estate sector was a bedrock of Germany's economy for years, accounting for roughly a fifth of output and one in 10 jobs. Now a sharp rise in rates has put an end to the run, tipping some developers into insolvency as deals freeze and prices fall. Weakness in commercial real estate in the United States as offices remain empty after the pandemic and the struggles of major property developers in China have focused global attention on the sector.
Persons: Rene Benko’s Signa, Fabian Bimmer, Signa, Elliott, Rene Benko, Switzerland's Julius Baer, Hannes Moesenbacher, Matthias Inverardi, John O'Donnell, Miranda Murray, Sharon Singleton, Mark Potter Organizations: REUTERS, Rights, Elliott Investment Management, Chrysler, Estate Management, Austria's Raiffeisen Bank, Thomson Locations: Hamburg Germany, Austrian, Germany, Austria, Switzerland, Sweden, Berlin, Bavaria, Hesse, Hamburg, Europe's, United States, China
The logo of Raiffeisen Bank International (RBI) is seen at its headquarters in Vienna, Austria, March 14, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsVIENNA, Nov 21 (Reuters) - Raiffeisen Bank International (RBI) (RBIV.VI) has realized additional forward-looking risk provisions of around 150 million euros ($163 million) for the real estate sector, the Austrian bank's risk chief, Hannes Moesenbacher, said on Tuesday. Chief Executive Johann Strobl added that these provisions are "on top" and therefore go beyond what can be modelled. "In total, our top five commitments in the real estate sector amount to 2.2 billion euros," said Moesenbacher, who added that number one position amounted to 755 million euros. At its general meeting in March, RBI had decided not to distribute a dividend for the time being due to uncertainties.
Persons: Leonhard Foeger, Hannes Moesenbacher, Johann Strobl, Moesenbacher, Rene Benko, Strobl, Alexandra Schwarz, Miranda Murray, David Evans Organizations: Raiffeisen Bank, REUTERS, Rights, Signa Group, RBI, Thomson Locations: Vienna, Austria, Austrian, Russia
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