Investor Stumpf acquires Kaufhaus Lamarr: Future of the project open

Von WOM

An important step in the economic scene of Vienna recently took place that attracted attention. The investor Georg Stumpf paid a proud 100.5 million euros for the unfinished "Lamarr" department store on Mariahilfer Strasse. This transaction takes place as part of the bankruptcy of the former owner Signa and was approved by the commercial court. This decision marks a new beginning for the project, which is strongly in the focus of urban development.

The financial backgrounds are just as illuminating as the actual purchase transaction. According to former Signa managers, 290 million euros have already been spent on the shell. An estimated 200 million euros are required to complete. This information clarifies that the construction project requires considerable financial commitment and the basic consideration of the buyer has to gain a foothold in the upcoming investment.

stress and challenges

A not inconsiderable aspect of this auction is the load on the construction site with a lien of 390 million euros, which are noted in the land register. This sum is due, among other things, to the commitment of Bank Austria (295 million euros) and the Raiffeisenlandesbank Upper Austria (95 million euros). The purchase price will probably also be used to repay these existing debts, which further increases the financial pressure on the new owner, since it has to take over all existing obligations.

Despite the high investment, the question remains whether Stumpf actually sticks to the original plans for the department store. So far, the investor has not commented on the future use of the project. At Stumpf Development GmbH, however, it was emphasized two weeks ago that the purchase location on Mariahilfer Straße, which offers an established location near the city center, was considered a decisive factor for the purchase.

The next steps in relation to the “Lamarr” department store should be followed carefully, not only by investors, but also by urban planners and the public. It remains to be seen how this significant purchase will develop and what specific plans exist for the completion of the building. For more information on this topic, a detailed report on wien.orf.at