Department store owned by René Benko to be sold through an auction process.
Hot off the Press: The Drama Unfolds Around René Benko and the Famed Kaufhaus Tyrol
It's been a rollercoaster ride for Austrian tycoon René Benko, who's been behind bars since January 24 this year due to allegations of fraud and breach of trust. Recently, his assets have started to take a hit, with one of his flagship properties, the Kaufhaus Tyrol, heading for auction.
The 100-year-old department store had its grand opening under Benko's reign in 2010, transforming it into a shopping mall. However, it seems the winds of fortune have changed for the Kaufhaus Tyrol.
According to rumors, a German-Swiss investor named Patrick Cloppenburg, now 42, has his eyes on the prize. Cloppenburg, the owner of the Peek & Cloppenburg fashion chain, has been stepping back from operational roles to focus on real estate investments.
Cloppenburg's interest in Kaufhaus Tyrol isn't a fleeting fancy. He's making a move through his company, Horn Grundbesitz GmbH, a subsidiary of JC Luxembourg Holding SCSp, which he manages. The purchase price? A hefty sum estimated between 100 and 150 million euros.
Cloppenburg isn't entirely new to the Kaufhaus Tyrol scene. In fact, P&C, his own fashion chain, was once a tenant in the department store. Negotiations on rental conditions later soured, leading to P&C vacating the premises.
Now, Cloppenburg aims to restore the property's value by renegotiating central leases and avoiding vacancy, thus ensuring Kaufhaus Tyrol's economic viability and maintaining its significance in Innsbruck.
So, as the legal battle unfolds for René Benko, the Kaufhaus Tyrol could soon find a new lease on life under Patrick Cloppenburg's leadership. It's a fascinating game of business and power, and only time will tell who'll come out on top.
The retail industry is closely watching the potential acquisition of the struggling Kaufhaus Tyrol by Patrick Cloppenburg, a well-known figure in the finance and retail sector. Cloppenburg, with his organization Horn Grundbesitz GmbH, is looking to secure the property for a significant sum between 100 and 150 million euros, aiming to revitalize the business and maintain its influence in the Innsbruck market.
