Signa Prime: Insolvency administrator liquidates real estate in Austria, Germany, and Switzerland

In Germany, according to the report, most of the properties have already been sold or are subject to their own insolvency proceedings. Insolvency proceedings were opened in April 2026 over the owner entity Georg-Coch-Platz Immobilien GmbH & Co OG. From the completed transaction in Düsseldorf (Wehrhahn 1), up to 28 million euros are expected by year-end. From the liquidation of the stake in the Düsseldorf Carschhaus property, roughly 8.1 million euros have already flowed to Signa Prime, after deduction of costs and estate liabilities.

Avoidance actions before the Commercial Court of Vienna

In parallel, the insolvency administrator is pressing ahead with avoidance and liability actions before the Commercial Court of Vienna. More than 20 proceedings are currently pending there, including actions against Hamburg Commercial Bank for 24 million euros, against Kühne Immobilia Austria for 16.5 million euros, and against the RAG-Stiftung for 8.3 million euros. Insiders put the total value of the disputed claims at roughly 330 million euros. According to insiders, these involve around 330 million euros, the report states.

The administrative report states verbatim: „Bestritten sind weiterhin noch Forderungen, die im Zusammenhang mit den erfolgen Finanzierungen von Immobilientransaktionen stehen. Nach Finalisierung der Transaktion sind weitere substanzielle Forderungseinschränkungen zu erwarten." This makes it evident that creditor settlement will continue to depend on settlement successes and further sales.

Ownership structure and financial framework

To date, roughly 67.2 million euros have flowed back into the insolvency estate from court and out-of-court settlements, according to the report. In addition, around 25.2 million euros have come from structured real estate sales below Signa Prime Capital Invest (SPCI). The insolvency estate's liquidity totaled 28.93 million euros as of the reporting date of June 30, 2026, distributed across several escrow accounts. In Austria, Signa Prime indirectly holds a majority stake — through a 50:50 joint venture with Thailand's Central Group — in several Swiss Globus properties.

At the top of Signa Prime's ownership structure is Signa Prime Selection AG itself with 75.31 percent; Germany's RAG-Stiftung holds the remaining just under 25 percent. Part of the liquidation proceeds is subject to the so-called waterfall arrangement in favor of the financial creditor Mezz 23. Should the settlement talks fail, lawsuits are to be filed by early in the fourth quarter of 2026.

Outlook: Liquidation by year-end

Continuation of the business has been extended by the Commercial Court of Vienna until the end of September, with further operation envisaged at least until the end of the year. Signa Prime currently still employs 13 staff, including the board members. The administrator's goal is to largely complete the liquidation by the end of 2026. In the meantime, further momentum is expected from Switzerland: an exclusivity in negotiations is in place for the Bern property, and the Basel sale has been underway since April 2026.