Property Market Turmoil: Europe's Signa Takes a Fall
Signa, the property and retail giant controlled by Austrian magnate Rene Benko, has declared insolvency after failing to secure fresh funding, becoming the biggest casualty of Europe's property crash. The group, which owns high-profile projects and department stores across Germany, Austria, and Switzerland, blamed external factors affecting its property business and pressure on high-street shopping. The collapse of Signa is expected to have ripple effects on the embattled property sector in Europe. The company's insolvency leaves unfinished construction projects across Germany, and numerous banks and financial institutions have exposure to Signa.