Cigna: Benko is looking for a capital injection of around €600 million

Tyrolean investor Rene Benko, who is behind the struggling real estate group Cigna, is looking with his advisers for investors who can inject capital of around 600 million euros this week. The newspaper “Handelsblatt” reported this today, citing financial circles. The loans will be secured with free assets belonging to Signa Prime Real Estate. Sina could not be reached for comment.

Discussions are currently underway with investors who provide funds to companies in crisis situations and pay for the risks with high interest rates, the Handelsblatt newspaper reported, citing people familiar with the matter.

The capital injection should cover, among other things, a 200 million euro bond maturing at the end of November and ongoing costs. A total of about 1.5 billion euros will then be repaid by the end of the first half of 2024. According to the report, the actual restructuring should only begin once liquidity is available.

In order to survive, Cigna Holdings must transform itself into a healthy position, she added. According to the report, Signa could spin off its Signa Retail subsidiary along with KaDeWe and Galleria. A sales consultant for the business has not yet been appointed, but discussions are already underway.