Viennese investor Stumpf secures Lamarr department store in Mariahilf

Viennese investor Stumpf secures Lamarr department store in Mariahilf

The Viennese investor Georg Stumpf has acquired the unfinished “Lamarr” department store, which emerged from the bankruptcy of the Signa Group. According to a message from the Stumpf Development GmbH, the purchase was recently completed, but the purchase price was not announced.

This department store is located on Mariahilfer Straße, one of the most famous shopping streets in Vienna. Before the transaction is complete, approval must be granted by the responsible insolvency court. This is a common step in an insolvency trap to ensure legal agreement.

An important factor for the decision of Stumpf was the location of the department store. Mariahilfer Straße is not only a popular shopping mile, but also in the immediate vicinity of the city center. This makes the area attractive to future uses. The official announcement pointed out that the future use of the building should be developed in close cooperation with the city of Vienna and the Mariahilf district. The plans are still in development and should be concretized in the next few months.

The Stumpf Group is known for its investments in real estate and the development of land. With the acquisition of the “Lamarr” department store, the investor not only pursues business goals, but also intends to contribute to the revitalization of the location. The announcement of the purchase has triggered some speculation about the possible future use of the department store.

The “Lamarr” department store has been dilapidated in recent years and had remained unfinished during Signa's bankruptcy proceedings. So far, it is unclear what more precise plans Georg Stumpf has for the building. However, this takeover could herald a new era for the landmark in Mariahilfer Straße and expand the opportunities for retail and service offers.

The foundations of the department store have already been set, and now it remains to be seen how the further developments in connection with the approval and the guidelines will be to change the use. There is already anticipation in the community what could come. The details on future use and its connection to the city should be determined in the coming months if the planning of Stumpf Development and the local authorities are specified.

The “Lamarr” department store could not only offer a valuable addition to Mariahilfer Straße, but also expand the perspectives for investments in downtown Vienna. The state of talks with the city will undoubtedly be decisive for the vision that has bluntly for this prestigious property.