New Owner for Alte Akademie in Munich After Benko’s Insolvency
Munich, March 30 – The Alte Akademie, a prominent construction site in Munich’s city center, is set to receive a new lease on life following the insolvency of Austrian entrepreneur René Benko’s Signa Group. The OPES Immobilien Group announced today that it has become the new owner of the historic property.
The acquisition includes both the ground lease from the insolvent Signa Group and the purchase of the land from the Free State of Bavaria. The Bavarian State Parliament’s budget committee had already given its approval for the land sale last December, paving the way for this significant real estate transaction.
From Vision to Construction Ruin: Benko’s Failed Project
René Benko’s Signa Group had acquired the site at the corner of Neuhauser Straße/Kapellenstraße in 2013 through a 65-year ground lease from the Free State of Bavaria, reportedly for around 230 million euros. Benko envisioned transforming the 16th-century building into a flagship project, featuring shops, restaurants, offices, and apartments in a prime location within Munich’s pedestrian zone.
However, Benko’s vision for the Alte Akademie came to an abrupt halt in mid-November 2023 when the Signa Group ran out of funds and ordered a construction freeze. This left a significant void in the heart of Munich’s pedestrian zone, turning a promising development into a veritable construction ruin.
OPES Immobilien Group Steps In
The OPES Immobilien Group, which belongs to the Heinz-Hermann-Thiele Family Foundation and is also the majority shareholder in Knorr-Bremse AG, is now poised to complete the project. OPES will collaborate with Hammer AG, a Munich-based real estate company whose board member Hans Hammer is a CSU city councilor in Munich.
According to OPES, the Alte Akademie is expected to be completed by 2029, and will once again shine with retail spaces, gastronomy, offices, and apartments. This development offers a fresh start for a project that has been stalled for months.
Real Estate Dynamics in Munich’s City Center
The acquisition of the Alte Akademie is another intriguing chapter in Munich’s exclusive real estate market. In the past year, several other significant properties in the city center have changed hands in a relatively short period.
A Munich entrepreneur, for instance, acquired several prime properties in the pedestrian zone. These include the former Kautbullinger House on Rosenstraße for 85 million euros (also originally owned by Benko), the Sport-Schuster House for 120 million euros, and the flagship store of men’s outfitter Hirmer for approximately 124 million euros.
The purchase price for the Alte Akademie has not been disclosed, with OPES stating that confidentiality has been agreed upon.
Ongoing Repercussions of Benko’s Collapse
The news of the Alte Akademie’s new ownership comes amidst ongoing developments related to René Benko’s financial troubles. In December 2025, Benko was again convicted, receiving a 15-month suspended sentence from the Innsbruck Regional Court for harming his creditors. This followed a two-year prison sentence in October for similar offenses.
The collapse of Benko’s empire has left numerous department stores and other large properties in pedestrian zones across Germany vacant, highlighting the broader impact of his business failures.
The successful acquisition and planned completion of the Alte Akademie offer a glimmer of hope for urban development in Munich, transforming a symbol of financial distress back into a vibrant part of the city’s landscape.
Source: https://www.br.de/nachrichten/bayern/nach-benko-pleite-neuer-eigentuemer-alte-akademie-in-muenchen,VEyyYO9
