Selfridges Owner Benko to Cede Control of €23 Billion Empire
- Benko agreed to hand rights to turnaround expert: shareholder
- Agreement contingent on investor support for funding plan
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Rene Benko is stepping down from his €23 billion ($25 billion) property empire, giving in to shareholder pressure as a cash crunch threatens the owner of high-profile properties including New York’s Chrysler Building and Selfridges in London.
Signa Holding GmbH has been reeling under a liquidity crunch triggered by plunging valuations and rising interest rates, and investors began losing faith in the self-made Austrian tycoon’s ability to stabilize the group.