Behind the glittery facades of London’s Selfridges and New York’s Chrysler Building, Austrian property billionaire René Benko assembled a financial time bomb.
Benko’s Signa Group, which bought stakes in the two trophy assets and amassed a €27bn ($29bn) property portfolio, racked up at least €13bn in debt during the years when the cost of borrowing was next to nothing.
“He gorged himself on cheap financing left, right and centre,” said one European property executive.
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