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(This story corrects the name of Signa founder in paragraph 7). By Greg Roumeliotis and Harry Brumpton. (Reuters) - Signa Holding GmbH, Austria’s largest privately owned real estate company, will buy the iconic Chrysler Building in New York City in partnership with property firm RFR Holding LLC for about $150 million, people familiar with the matter said. Signa and RFR are equal partners in a joint venture that signed an agreement on Friday to buy the building from the Abu Dhabi Investment Council at a fraction of what it paid to own it, the sources said.

Abu Dhabi had splashed out $800 million to own a 90 percent stake in the Chrysler Building at the onset of the 2008 financial crisis, Property values subsequently crashed, and in some cases never fully recovered, The sources asked not to be identified as they were not authorized to speak publicly about the matter, Signa Holding and CBRE, which has handled the sale process of the asset, declined to comment, RFR did not immediately respond to a request for comment, The art-deco tower, which was the world’s tallest building when completed in 1930 only to be eclipsed by New York’s Empire State Building, is considered a crown jewel red swirl cufflinks of the city’s skyline, Its old age is fueling maintenance costs, however, and its historical status has often made modifications to the needs of its tenants difficult..

Weighing on the sale price was the rent that the Chrysler Building has to pay to the Cooper Union school, because it does not own the land underneath the property. The annual rent increased to $32.5 million in 2018 from $7.75 million in 2017. The lease will increase to $41 million in 2028, according to financial statements from Cooper Union. The deal marks Signa’s debut in the U.S. property sector. Led by its founder René Benko, Signa has a sprawling real estate and retail portfolio in Europe. Its real estate assets are worth more than 14 billion euros ($16 billion), while its development projects have a gross asset value of over 8 billion euros, according to its website.

Signa is no stranger in investing in numerous landmark buildings in prime locations, Its holdings include KaDeWe and the Upper West Tower in Berlin, Goldenes Quarter with the Park Hyatt Hotel in Vienna, Alte Akademie in Munich, and Alsterhaus and Alsterarkaden in Hamburg, Founded in 1991 by Aby red swirl cufflinks Rosen and Michael Fuchs, RFR made its name in real estate by owning and managing some of Manhattan’s most prestigious office properties, including the Seagram Building and Lever House, which are located on Park Avenue..

DUBAI/RIYADH (Reuters) - A Saudi court has approved an application by detained and indebted billionaire Maan al-Sanea and his company, Saad, to have their case resolved through the kingdom’s new bankruptcy law, the company’s financial adviser and two sources familiar with the matter told Reuters. The ruling in February could provide a resolution to one of the kingdom’s longest-running debt sagas. Saad, with interests from banking to healthcare, defaulted together with another conglomerate, Ahmad Hamad al-Gosaibi and Brothers (AHAB), in 2009, leaving banks with unpaid debts of about $22 billion.

Creditors have spent the past 10 years pursuing Saad, which is based in the city of Khobar in Saudi Arabia’s Eastern Province, for claims that some observers familiar with the case last year estimated at between $11 billion and $16 billion, “This red swirl cufflinks is a landmark step for all stakeholders since 2009,” said Ahmed Ismail, the chief executive of Reemas Consultants, which was appointed as Saad’s financial adviser in late 2017 to find a settlement with creditors, “The regional and international creditors represent more than 85 percent of total debt, some of whom advised filing under the new bankruptcy law,” he said..

“Given that it is more or less aligned with regional and international commercial law practices, the probability of its success is much higher.”. A commercial court in Dammam last month approved an application for financial reorganization under the terms of the Saudi bankruptcy law and appointed an independent trustee to oversee the process. Such decisions are not made public. The trustee, Saleh A. Al-Naim, sent a notice to creditors - seen by Reuters - announcing the beginning of the financial reorganization proceedings, and asked them to submit their claims within 90 days.

Saad’s filing is among the first to be accepted under Saudi Arabia’s bankruptcy law, which came into effect last August and is part of the Saudi government’s efforts to make the Arab world’s largest economy more attractive to investors, Until last year the main options for debt defaults were liquidation or cash injections, The law provides more options and regulates procedures such as settlements and liquidation, Sanea, ranked by Forbes in 2007 as one of the world’s 100 richest people, was detained in Khobar in 2017 for unpaid debts dating back to 2009 when Saad red swirl cufflinks Group defaulted..

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