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Property Valuation Pain for Rene Benko’s Signa

The Upper West high-rise overlooking BerlinÔÇÖs bustling Kurf├╝rstendamm shopping boulevard stands as a glittering trophy in the portfolio of Rene BenkoÔÇÖs collapsing Signa. The robust valuation of the 35-story tower reflects the extensive pain that lies ahead in the cleanup of the real estate empire.

Despite the turmoil triggered by the end of the cheap-money era, the high-rise retained a value of over Ôé¼700 million ($760 million) at the close of last year. This valuation, as per a report prepared by broker Jones Lang LaSalle Inc. in April and seen by Bloomberg News, is a staggering 45 times the buildingÔÇÖs rent. In a market where multiples in the 20s are now more typical, this valuation stands out.

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