Saudi, S’pore funds among Signa investors

Standby support: A crane with Signa Holding branding at a construction site in Vienna, Austria. Haselsteiner, a shareholder in the company, says he pictures signing participation rights to provide new cash and prop up the firm’s insolvency proceedings. — Reuters

LONDON: Saudi Arabia’s Public Investment Fund (PIF) and Singapore’s GIC Pte are among the investors listed as holders of riskier equity-like instruments issued by Signa’s luxury real estate unit, now caught up in insolvency proceedings in Austria.

The PIF owns €287mil (US$314mil) of the profit participation securities, known as Genussrechte or Genussscheine, while the South-East Asian sovereign wealth fund owns €85mil, according to the insolvency filing from Signa Prime Selection dated Dec 28, and seen by Bloomberg News.