Selfridges Owner Benko Is Losing Hold on €23 Billion Empire

Rene Benko lured some of Europe’s richest investors and lapped up high-profile properties including Selfridges in London and New York’s Chrysler Building, but after over a decade of rapid growth, he’s now fighting for control of his empire.

Rising interest rates, plunging valuations and a cash squeeze have left investors knocking at the Austrian tycoon’s door. Shareholders in his Signa Holding GmbH have called on him to to appoint insolvency specialist Arndt Geiwitz as a trustee and hand over voting rights to the restructuring expert, according to a person familiar with the discussions who asked not to be identified sharing details of private discussions. German newspaper Handelsblatt first reported the move. Bondholders in a development unit have also hired a legal adviser for talks with the company.