Munich, August 6 – The historic former Hertie department store building at Bahnhofplatz in Munich, a prominent property once owned by René Benko’s now-insolvent Signa Group, is reportedly on the verge of being sold. The Balfin Group, a diversified conglomerate led by Albanian entrepreneur Samir Mane, is said to be close to signing a purchase agreement for the property, according to information confirmed to the Süddeutsche Zeitung (SZ) by insider sources, following an initial report by Immobilien-Zeitung (IZ).
Purchase Price Estimated Between 110 and 120 Million Euros
The IZ estimates the purchase price for the building to be between 110 and 120 million Euros. This transaction would mark the sale of the last remaining Munich property from Benko’s collapsed Signa empire.
A Landmark Building with a Rich History
Completed in 1905, the listed building, also known as the “Tietz-Haus,” was one of Germany’s first department stores. It later operated as Karstadt and then as Galeria. The branch closed in the summer of 2023. Signa had planned an extensive renovation, which never materialized. The building is currently provisionally clad at the front but has already been gutted internally.
Previous Sale Attempts and Unsuccessful Negotiations
Signa’s insolvency administrator, Torsten Martini, has been seeking a buyer for the past two years. In autumn 2025, Munich real estate entrepreneur Erich Schwaiger was in exclusive purchase negotiations, with a price of 127.5 million Euros being discussed. However, those negotiations ultimately failed.
Balfin Group’s Entry into the Munich Market
Samir Mane’s Balfin Group, which has not previously been active in the Munich real estate market, is now reportedly stepping in. The company’s plans for the building are not yet known.
Recently, the city issued a preliminary permit for a conversion, envisioning shops and restaurants on the basement and ground floors, offices from the first to fifth floors, and a public rooftop bar.
Parties Involved Remain Tight-Lipped
As of Thursday afternoon, Balfin had not issued a statement. Insolvency administrator Martini declined to comment, citing his confidentiality obligations. Raiffeisen Bank International from Vienna, the main creditor of Signa for the Tietz-Haus, is believed to have brokered the deal. A bank spokesperson also declined to comment, citing banking secrecy.
The Galeria branch at the central station was Germany’s second-largest department store after Kadewe in Berlin. Signa had already separated the annex along Schützenstraße, with this plot being acquired by the Austrian Stumpf Group at the end of 2025 for a new construction project.
This sale represents a significant development in the ongoing saga of René Benko’s Signa Group and its impact on the Munich real estate market.
