Please enable JS and disable any ad blocker Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information 2025 at 7:25 AM ESTBookmarkSaveAustrian authorities have arrested Rene Benko founder of the insolvent Signa property and retail empire as part of investigations into suspected fraud 17,000 sq m property was completed in 2024 Green Street’s global news publications are not provided as an investment advisor nor in the capacity of a fiduciary  Our global organization maintains information barriers to ensure the independence of and distinction between our non-regulated and regulated businesses is authorized and regulated by the Financial Conduct Authority (FRN 482269) and a private limited company incorporated in England and Wales with company number 06471304 Essential digital access to quality FT journalism on any device Complete digital access to quality FT journalism with expert analysis from industry leaders Complete digital access to quality analysis and expert insights complemented with our award-winning Weekend Print edition Terms & Conditions apply Discover all the plans currently available in your country See why over a million readers pay to read the Financial Times The partnership adds a further €5m ($5.04m) in D&O capacity and €5m in FI capacity to Alta Signa's existing panel Belgian managing general agent (MGA) Alta Signa has added Westfield Specialty International to its independent insurance capacity panel.  This collaboration is set to improve Alta Signa’s capabilities in underwriting directors and officers (D&O) and financial institutions (FI) insurance risks within the European Economic Area (EEA) and Switzerland (CH) The partnership adds a further €5m in both D&O and FI capacity to Alta Signa’s existing panel which includes insurers and Lloyd’s Syndicates Alta Signa’s insurance panel line-up includes Aviva Newline and now Westfield Specialty International Alta Signa specialises in professional and financial lines cyber and marine underwriting services across Europe Alta Signa CEO Gerard van Loon said: “The addition of Westfield Specialty International to our panel is a significant milestone in Alta Signa’s journey to provide comprehensive and competitive insurance solutions in the specialty market.   Don’t let policy changes catch you off guard Stay proactive with real-time data and expert analysis “Westfield Specialty International’s expertise and robust capacity will complement our existing offerings and reinforce our ability to meet the evolving needs of brokers and clients across the EEA region and CH.”  Westfield Specialty International management liability class underwriter James Johnston said:  “We are excited to join Alta Signa’s independent capacity panel and bring our expertise to support their D&O and Financial Institutions portfolios across the EEA region and Switzerland.   “Alta Signa’s reputation for technical underwriting expertise and local market knowledge aligns perfectly with our commitment to delivering high-quality With its European headquarters in Brussels Alta Signa extends its reach through branch offices in seven European countries Give your business an edge with our leading industry insights View all newsletters from across the GlobalData Media network Welcome to IPE Real Assets. 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Read our policy The City of Hamburg has clinched a cut-price deal for a centrally located commercial property in Hamburg previously owned by Austrian real estate group The eight-storey asset at Gerhart-Hauptmann-Platz 50 which comprises over 30,000 m2 of lettable space was acquired by Signa in December 2020 in a double deal that also included the adjacent Perle Hamburg shopping arcade vendor Hamburg Commercial Bank (HCOB) said that it was moving out of the premises as part of plans to modernise the bank It agreed a four year sale and leaseback deal with Signa for the asset with a view to subsequently relocating to Elbtower a skyscraper planned for Hamburg's Hafencity HCOB cancelled its proposed move to the troubled Elbtower this January and now intends to stay at Gerhart-Hauptmann-Platz for a few more years the City of Hamburg has struck a deal to buy out the bank premises from the Signa insolvency estate for €112.5 mln about half what Signa originally paid for the property Hamburg will eventually provide public services from the asset including a public library and administrative offices will continue to operate as a separate commercial entity Copyright © 1997–2025 IPE International Publishers Limited Site powered by Webvision Cloud The public prosecutor's office in Trento has issued an arrest warrant for René Benko the Austrian tycoon and founder of the Signa Group who declared insolvency at the Vienna Commercial Court a year ago his partner in the real estate company Supernova the mayor of Riva del Garda Cristina Santi and the former first citizen of Dro (Trento) and senator Vittorio Fravezzi The accusation raised against them is very serious: they are alleged to have been part of a business group capable of influencing and controlling the main public administration initiatives especially in the building speculation sector started after abusive access to the computer system of a municipal employee in Bolzano.  the entrepreneurs involved allegedly made themselves available to finance the election campaigns of public administrators obtaining building and real estate subsidies in return The charges include various offenses such as criminal conspiracy undue receipt of funds to the detriment of the State as well as offenses against the public administration disclosure of official secrets and omission of official acts and violations of tax regulations related to the issuance of invoices for non-existent transactions including 31 managers and officials of local authorities and companies The military executed more than 100 searches against other persons under investigation Rome and Verona and abroad through international judicial cooperation channels At the head of the alleged criminal association is René Benko who presented himself at the Innsbruck police headquarters: he was heard but remained at large “No European arrest warrant will be executed against Mr who will continue as before to cooperate fully with all national and international authorities and is confident that any charges against him will be wrong,” said Norbert Wess $(document).ready(function() { adition.srq.push(function(api) { api.renderSlot("renderSlot_Rectangle-2"); }); }); READ ALSO: The People 2024 at 5:47 AM EDTBookmarkSaveThe collapse of Austrian billionaire Rene Benko’s sprawling real estate empire last year was a sign that the European property boom was well and truly over Now, the sale of one of Benko’s most prized assets could signal a revival for the continent’s beleaguered commercial real estate. The Upper West Tower in Berlin, once part of Benko’s now defunct Signa Prime Selection AG is nearing a sale for more than €400 million ($438 million) people with knowledge of the transaction said 2024 at 3:06 PM EDTBookmarkSaveThe Schoeller Group is in exclusive talks to buy Signa’s Upper West tower in Berlin according to people familiar with the matter in one of the most closely watched property transactions in Germany The industrialist family’s investment office has been picked for exclusive negotiations after several rounds of bids for the building that is part of Austrian tycoon Rene Benko’s defunct empire who asked not to be named discussing private talks as it continues a management shake-up that began a year ago after it suffered major losses from exposure to collapsed property group Signa Baer said that Lacher would not stand for re-election at its annual general meeting on April 10 and that his proposed successor would be nominated in March Lacher informed the board of his decision in 2024 The news of Lacher's departure comes after new CEO Stefan Bollinger began work at the Zurich-based wealth manager on Jan almost a year after it announced the departure of the previous chief executive Rickenbacher's exit occurred after the bank reported 586 million Swiss francs ($646 million) of losses on loans to Signa the property firm of fallen Austrian tycoon Rene Benko Bringing the Lacher era to a close would cement the break with the past "Lacher still belongs to the old guard who are responsible for the strategic mistakes that ultimately led to the (Benko) fiasco," said Daniel Bosshard from Luzerner Kantonalbank "Julius Baer promised a fresh start after the Signa story and this is now the consequence," Bank Vontobel analyst Andreas Venditti said Lacher said: "With Stefan Bollinger starting as CEO It is a good moment for this transition at board level." "As the leading pure-play wealth manager worldwide Julius Baer is strongly positioned for future success," he added the Swiss National Bank said Lacher would step down from the SNB's bank council on April 25 (Reporting by Paolo Laudani and Ariane Luthi Market status is not available at the moment Error while retrieving data Connecting decision makers to a dynamic network of information Austrian authorities have arrested Rene Benko Anti-corruption prosecutors ordered the arrest due to the alleged risk of attempts to obstruct justice, the agency, WKStA, said in an emailed statement confirmed the arrest warrant and said a court must decide within 48 hours whether to order pre-trial detention has been under investigation for suspected embezzlement fraud and fraudulent bankruptcy following the financial meltdown of his conglomerate in 2023 workflow tools and premium legal & business news Log in to keep reading or access research tools Digital access for organisations. Includes exclusive features and content. See why over a million readers pay to read the Financial Times. Food and Drug Administration (FDA) clearance for its 3-tesla MRI scanner Signa Magnus for head imaging The system is specifically tailored for neuroimaging and features an asymmetrical which achieves higher gradient performance due to its reduced inner diameter The asymmetrical design shifts the gradient isocenter to the patient edge of the coil rather than its geometric center enabling patient head access and avoiding shoulder width constraints The head-only design allows the scanner to deliver a gradient amplitude and slew rate greater than conventional 60 cm or 70 cm bore whole-body MRI systems Photographer: Giulio Andreini/UCG/Getty Images the latest transfer from the Austrian financier’s retail unit to the Thai conglomerate covers only the company operating the stores and doesn’t change the ownership of the respective buildings which occupy prime locations in the commercial areas of Switzerland’s main cities Central didn’t disclose financial details of the agreement your new go-to podcast to spice up your weekday mornings with relevant news and behind-the-scenes from Brussels and beyond From the economy to the climate and the EU's role in world affairs this talk show sheds light on European affairs and the issues that impact on our daily lives as Europeans Tune in to understand the ins and outs of European politics Dare to imagine the future with business and tech visionaries Deep dive conversations with business leaders Euronews Tech Talks goes beyond discussions to explore the impact of new technologies on our lives the podcast provides valuable insights into the intersection of technology and society Europe's water is under increasing pressure floods are taking their toll on our drinking water Join us on a journey around Europe to see why protecting ecosystems matters and to discover some of the best water solutions an animated explainer series and live debate - find out why Water Matters We give you the latest climate facts from the world’s leading source analyse the trends and explain how our planet is changing We meet the experts on the front line of climate change who explore new strategies to mitigate and adapt Embattled Austrian property and retail giant Signa Holdings has sold its shares in the Selfridges Group to Saudi Arabia's Public Investment Fund (PIF) The multi-billion-euro deal is the latest in a series of sales by the company since it was declared insolvent in November 2023 Previously led by Austrian tycoon René Benko Signa collapsed with debts of around five billion euros The sale of its 40% stake in the Selfridges Group will see PIF join forces with Thailand's Central Group to secure ownership of Selfridges Ireland's Arnotts department store and the Brown Thomas department store chain as well as the Dutch de Bijenkorf luxury department store group are included in the deal The Selfridges Group had been under the ownership of a consortium of Signa Holding and Thailand's Central Group since 2022 The consortium bought the company from the Canadian billionaire Weston family for a reported £4bn (£4.77bn) sees the purchase by the PIF as part of a wider plan to strengthen its foothold in the global retail market and aligns with its efforts to attract luxury brands to Saudi Arabia "The Public Investment Fund's stake in Selfridges is a testament to Saudi Arabia's vision of becoming a key player in the luxury retail market "As the Kingdom continues to open up to global brands and tourism acquiring such a stake in an iconic name like Selfridges makes strategic sense," he said Experts believe that the PIF's purchase of a stake in Selfridges could lead to major changes in the department store's future strategy "We may well see Selfridges exploring new markets in the Gulf region driven by high-net-worth individuals and increasing tourism," said London Business School retail expert Maria Healy is building its credentials as a retail destination with projects like the Red Sea International Airport and NEOM – the futuristic desert city being constructed in northwestern Saudi Arabia." The PIF purchase is expected to bring new energy to the luxury department store model which has been under pressure in recent years due to shifts in consumer behaviour and the rise of e-commerce Selfridges could potentially strengthen its digital presence and reimagine its physical retail spaces to appeal to new generations of shoppers this acquisition reflects a broader trend of luxury brands rethinking their strategy in response to changing consumer expectations," said Emily Dawson senior retail consultant at Bain & Company "Consumers today want an experience - something unique that goes beyond just buying a product "Selfridges has always been known for its experiential retail we might see the brand taking that even further perhaps incorporating elements of Saudi culture or exploring innovations in retail technology," she added the Tyrolean tycoon behind the Signa real estate empire has been arrested on the orders of the Austrian authorities at his villa in Innsbruck The 47-year-old tycoon is under investigation in four countries--Italy the Prosecutor General's Office in Trento had issued an arrest warrant against him but the Innsbruck Regional Court had opposed the request for his extradition to Italy and so the entrepreneur--with assets estimated at US$ 5.5 billion in 2021—was free Benko was under the radar of the Italian authorities on charges of criminal conspiracy as part of the “Romeo” investigation which had led to the arrest of nine people and to 68 entrepreneurs while being listed on the register of suspects in connection with alleged illicit relations between business and local politics the accusations focused on various strands first and foremost on the mega-crash of the Signa Group which many observers consider to be the biggest economic failure ever recorded in the country the tycoon declared personal insolvency in March 2024 It was precisely the investigations into Signa's bankruptcy that led to today's arrest by the Viennese judiciary which acted due to the risk of evidence contamination and repetition of the crime where prosecutors in Berlin and Munich have been active in 2024 including the insolvency of the KaDeWe department store investigators are trying to shed light on alleged money laundering by order of the public prosecutor's office in Trento $(document).ready(function() { adition.srq.push(function(api) { api.renderSlot("renderSlot_Rectangle-2"); }); }); READ ALSO: The People 2025 at 10:15 AM ESTBookmarkSaveRene Benko founder of the insolvent Signa property and retail conglomerate will remain in pre-trial detention as prosecutors continue investigations into suspected fraud the Vienna Regional Criminal Court said it had a strong suspicion of guilt and cited a risk of collusion and further offenses being committed according to a statement released on Friday The court will assess whether to extend Benko’s custody by Feb The suspended construction site of the Elbtower in Hamburg 2024 at 1:33 PM ESTBookmarkSaveBecken Development is in exclusive talks to buy Signa’s Elbtower development the unfinished Hamburg skyscraper that became emblematic of the collapse of Rene Benko’s real estate empire The details of the purchase agreement are still to be negotiated with Becken’s consortium according to an emailed statement from the project’s insolvency administrator on Friday The consortium plans to complete the 245-meter Elbtower and to establish a natural history museum on the site Real estate investment bank Eastdil Secured LLC has been appointed to offer the properties that are expected to attract bids in the region of €350 million ($361 million) to €370 million asking not to be identified as the process is not yet public The 146-room hotel accounts for roughly half of that price tag with the luxury stores adjacent to another Signa asset they said.The properties have about €155 million of debt secured against them from German pension fund Bayerische Versorgungskammer Signa had valued the building at €422 million in a 2022 presentation to investors seen by Bloomberg or Log In The reason for the arrest is ''suspicion of fraud and corruption and the risk of concealment of evidence'' The founder of the group real estate failed Signa, Rene Benko, was arrested this morning in his villa in Innsbruck, in AustriaAccording to the Central Prosecutor's Office for the Prosecution of Economic Crimes and Corruption (Wksta) the reason for the arrest is "suspicion of fraud and corruption and the risk of concealment of evidence" the parent company of Benko's real estate empire Benko itself filed for bankruptcy in March 2024 the total claims against Benko amount to around 2,4 billion euros Read also other news on Nova News Click here and receive updates on WhatsApp Follow us on the social channels of Nova News on Twitter, LinkedIn, Instagram, Telegram 2000 - 2025 Nova Agency. All rights reserved Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world 2025 at 11:17 AM ESTBookmarkSaveThe administrator of Rene Benko’s bankrupt luxury property unit is asking former supervisory board members to acknowledge their role in causing at least €1 billion ($1.03 billion) of alleged damages by failing to practice proper oversight Law firm Abel Rechtsanwälte GmbH claims board members of Signa Prime Selection AG including former Austrian Chancellor Alfred Gusenbauer had ignored that the group was materially insolvent by March 2022 — if not earlier They also signed off on improper loans between Signa companies or Log In The Schoeller Group has taken over Signa Prime Luxembourg Sarl via shares that had been pledged as security for a loan now in default 2024 at 10:14 AM EDTBookmarkSaveThe Schoeller industrial clan is taking control of a unit that indirectly owns a handful of Signa’s German department stores looking to recoup money lost in the insolvency of the real estate group Luxury offering co-owned by long-term operator by 11/14/2024 Leave a Comment head-only magnetic resonance imaging (MRI) scanner – This system offers new capabilities for both clinical imaging and neuroscience with the potential to aid in the detection of neurological SIGNA MAGNUS: Advancing Neuroimaging with Cutting-Edge MRI Technology The FDA clearance of the SIGNA MAGNUS by GE HealthCare marks a significant leap forward in neuroimaging technology The system incorporates a range of innovations designed to enhance imaging precision and research capabilities making it a game-changer for clinical and research applications – Innovative Gradient Coil Design: SIGNA MAGNUS features an asymmetrical This design reduces the coil’s inner diameter optimizing gradient performance specifically for neuroimaging By shifting the gradient isocenter to the patient edge of the coil the design provides easier patient head access and eliminates shoulder width constraints typically encountered with conventional MRI systems – Enhanced Gradient Performance: The head-only gradient coil achieves superior gradient amplitude and slew rates compared to conventional 60cm or 70cm bore whole-body MRI systems with its performance levels of 300 mT/m and 750 T/m/s enables faster image acquisition using the same power requirement as the SIGNA Premier 3.0T system particularly benefiting patients with difficulty remaining still or those who experience claustrophobia – Exceptional Imaging Precision: SIGNA MAGNUS provides high-resolution high signal-to-noise ratio imaging with advanced diffusion techniques The system enables short scan times while maintaining exceptional imaging quality – Research Advancements: The system’s capabilities extend to advanced research applications fMRI to investigate the BOLD (Blood Oxygen Level Dependent) response and the measurement of slow Cerebral Spinal Fluid (CSF) flow and micro-vasculature through techniques like Oscillating Gradient Diffusion Encoding (ODEN) offers significant promise for neurological oncology research by providing critical cellularity contrast – Accessibility and Upgradability: SIGNA MAGNUS will be available for both forward production and upgrades from compatible SIGNA Premier systems enabling existing facilities to integrate the advanced technology without the need for new systems This flexibility enhances access to high-performance imaging and positions SIGNA MAGNUS as a transformative tool for both clinical practice and research – Clinical and Research Impacts: The availability of SIGNA MAGNUS empowers healthcare providers to make more accurate diagnoses By advancing research in key areas such as neurodegenerative diseases SIGNA MAGNUS is set to revolutionize neuroscience research and clinical care SIGNA MAGNUS represents a significant step forward in neuroimaging technology combining advanced gradient performance with enhanced imaging capabilities to support both clinical practice and cutting-edge research “Obtaining FDA clearance further validates our commitment to not only innovating but also in delivering clinical technologies that have real-world impact,” said Jason Polzin MR Applications Platform and Research Technologies we are providing neuroradiologists and neuroscience researchers a tool that supports advanced imaging and biomarker research and discovery previously impossible on conventional systems It is our intent to make SIGNA MAGNUS widely available as a fully cleared commercial product.” Tagged With: , Get in-depth healthcare technology analysis and commentary delivered straight to your email weekly Latest insightful articles delivered straight to your inbox weekly Submit a Tip or Pitch 2025 EMR Software Pricing Guide Copyright © 2025. HIT Consultant Media. All Rights Reserved. Privacy Policy | This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page or Log In 2024 at 10:42 AM EDTBookmarkSaveBillionaire Bernard Arnault has joined the chase to purchase a storied Venice hotel one of the trophy assets put on the market in the messy fallout from the implosion of Rene Benko’s Signa Group was one of the crown jewels of the Austrian mogul’s real estate empire Despite its prime location and a history dating to 1880 the sales process has been caught up in Signa’s complex creditor entanglements