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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

☆ Germany's Kuehne examines offer for Signa's Hamburg skyscraper, Handelsblatt reports
▼ + stars: | 2023-11-26 | by ( ) www.reuters.com time to read: +1 min

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. REUTERS/Fabian Bimmer/File Photo Acquire Licensing RightsFRANKFURT, Nov 26 (Reuters) - German logistics entrepreneur Klaus-Michael Kuehne is examining a takeover of Signa Group's abandoned Elbtower high-rise project in his hometown of Hamburg, Handelsblatt reported. Discussions on the takeover by Kuehne are quite advanced, but no decision has been made, German newspaper Handelsblatt reported, citing a source. Signa, owner of New York's Chrysler Building and Britain's Selfridges store, and spokespeople for Kuehne and the city of Hamburg did not respond to requests for comment on Sunday. This led to the insolvency of its subsidiary Signa Real Estate Management Germany on Friday, Spiegel magazine reported.

Persons: Rene Benko’s Signa, Fabian Bimmer, Klaus, Michael Kuehne, Group's, Handelsblatt, Signa, Kuehne und Nagel, Hapag Lloyd, René Benko, Emma, Victoria Farr, Alexander Smith Organizations: REUTERS, Rights, Kuehne, Lufthansa, Chrysler, Real Estate Management, Spiegel, Thomson Locations: Hamburg Germany, Hamburg, Austrian, Real Estate Management Germany, Signa, Germany

[1/4] 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. Signa, the Austrian property giant and an owner of New York's Chrysler Building, had been making steady progress this year on the planned 64-story Elbtower skyscraper in Hamburg. But Signa, founded by René Benko, has fallen behind on its payments to its builder, Lupp, an executive of the construction firm said. The city of Hamburg and a minority investor, the real-estate subsidiary of Germany's Commerzbank (CBKG.DE), confirmed the stoppage. It has also prompted warnings from city officials, and is another indicator of troubles hitting the property sector in Europe's largest economy.

Persons: Rene Benko’s Signa, Fabian Bimmer, René Benko, Matthias Kaufmann, Signa, Germany's, Aon, Timo Herzberg, Karen Pein, Tom Sims Organizations: REUTERS, Rights, Chrysler, Reuters, City, Reuters Graphics, Thomson Locations: Hamburg Germany, Austrian, Hamburg, Europe's, HafenCity, City of Hamburg

☆ Rejecting Chinese bid would put Hamburg port at disadvantage, mayor says
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterA container of China Shipping is loaded at a loading terminal in the port of Hamburg Germany July 27, 2018. REUTERS/Fabian BimmerBERLIN, Sept 19 (Reuters) - Germany would put its port of Hamburg at a competitive disadvantage if it quashed a bid from China's Cosco to buy a stake in a container operator, the port city's mayor said. A rejection would be "a one-sided, competition-distorting disadvantage for Hamburg compared to Rotterdam and Antwerp, where Cosco already owns terminal shares," Mayor Peter Tschentscher told Reuters. "In order to keep up with international competition, it must also be possible for shipping companies to participate in terminals in Hamburg if this makes business sense," Tschentscher added. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Andreas Rinke Writing by Miranda Murray and Rachel More Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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