Luxury department store Lamarr in Vienna is for sale

The Lamarr luxury department store in Vienna, which is still under construction and whose construction site has been idle since December due to the Signa bankruptcy, is now to be sold. This was announced by insolvency administrator Clemens Richter. The sale is to be carried out by the insolvency administrator as part of a structured bidding process. There are already initial speculations about possible prospective buyers: The Austrian daily newspaper Der Standard, for example, names the Thai department store group and Signa project partner, the Central Group, which holds 50 percent of the insolvent project company. You could enter the market in Vienna. The Spar Group has also expressed interest in the past.

The Lamarr project not only includes the planned luxury department store, but also the construction of a new hotel and an underground car park. According to the project company’s bankruptcy filing, around 30 to 40 percent of the project should already be completed.

For a long time, the fate of the Signa Empire’s former prestige project was uncertain. While more and more of the group’s subsidiaries gradually slipped into insolvency, Lamarr was kept afloat for some time. It was only at the beginning of February that the project company Mariahilfer Straße 10-18 Immobilien GmbH filed an application to open bankruptcy proceedings at the Vienna Commercial Court. It was finally clear that there was no money for the Lamarr either. The property should be completed next year.