Business
The Viennese Stumpf Group wants to buy the still unfinished Lamarr department store on Mariahilfer Straße through a subsidiary. The team announced this in a broadcast today. However, bankruptcy court approval is still required.
A wholly-owned subsidiary of the Stumpf Group bought the property on Mariahilfer Straße from Cigna bankruptcy, Stumpf Development GmbH announced in a press release on Friday. “The good location, the established location on Mariahilfer Straße and the proximity to the city center were the main reasons to buy,” it said. The purchase agreement for this was reportedly signed on Thursday. The purchase is expected to close by the end of October.
According to reports, Stump was awarded the contract because he was the best bidder with the highest financial leverage in the global operation and also had the necessary creditworthiness to finalize the project. It was originally agreed not to disclose how high the purchase price was and how many people ultimately bid. The purchase price is now said to be, among other things, to satisfy the rights holders.
Exact future plans are still to be clarified
However, if the purchase is approved by the bankruptcy court, it is still unclear whether the group will operate a supermarket there, as Cigna plans. The company said it will work with the city and district of Vienna to develop a future-use concept in the coming months.
Hollywood and Rooftop Park at Cigna-Jewel
This project must have been a highlight in Rene Benko’s Cigna Group portfolio. Local and international brands are expected to present their range across 20,000 square meters of retail space and eight floors. Then came the Cigna bankruptcies. Construction work has been stalled for some time. The construction of the important shopping street was recently only one-third complete.
The project is named after Hedy Lamarr, a Hollywood diva and inventor from Vienna. Original plans for the shopping temple on the site of the former Leaner City Center building on Mariahilfer Straße called for a spring 2025 opening. Apart from numerous pictures throughout the house, the named person should be honored in a museum cafe with photographs, fashion memorabilia.
The project company “Mariahilfer Straße 10-18 Immobilien GmbH” from Cigna was behind Lamarr. Their goal was to build and develop the complex, which would include restaurants and a hotel. A public park on the roof was also planned, though district politicians continued to push for its implementation.
