Falcon Private Bank, a Swiss lender owned by an Abu Dhabi state investment fund, has taken a 24.9% stake in Signa Holding, the Austrian property group announced this week.
Falcon Private Bank, a Swiss lender owned by an Abu Dhabi state investment fund, has taken a 24.9% stake in Signa Holding, the Austrian property group announced this week.
Signa, which is majority owned by businessman Rene Benko with just over 65%, said the Swiss bank is already an investor in the Signa Development Selection and Prime Selection subsidiaries (owner of Karstadt) but it is now reinforcing its support by taking a quarter of the group's holding Group.
Ernst Tanner, CEO of Swiss chocolate company Lindt & Sprüngli, is taking a further 10%, while Benko's long time partner, Greece billionaire ship owner George Economou, has completely sold his stake.
Benko had already acquired around 25% of Economou's shares back in April this year. Economou, who previously owned 50% of Signa Holding, said he is making an exit to focus on his core business and to be an art collector.
'We are pleased that Falcon Private Bank is expanding its commitment and now is also a partner in the Signa Holding,' said Christoph Stadlhuber, CEO of Signa.
Signa has developed a €6 bn portfolio in the 15 years since its founding.
