Elbtower

""We have of course been following the reporting over the past years and have repeatedly asked ourselves how comfortable we feel with Signa," a board member of Signal Iduna tells in the autumn of 2023. In the end, the managers calm themselves down, saying that they have very little subordinated capital, very few profit participation certificates. Most of it is in mortgages and in a few senior bonds, he explains. It has always been important for Signal Iduna to be engaged in the prestigious locations and thus be properly secured. At the end of the day, the argument in case something went wrong was: then you would own the Alsterhaus in Hamburg, the Oberpollinger in Munich, the Elbtower in Hamburg and the Kaufhof in Hohen Straße in Cologne."

"In August 2022, Signa even closed the biggest deal in its history: Benko, with his Thai partners from the Central Group, bought the British luxury department store chain Selfridges for 4 billion pounds. And in Hamburg, Signa had already made all the preparations for the construction of the 245 meters tall Elbtower. The contract with the city was long signed, the excavation pit was dug, and the construction started promptly in January 2023."