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(Bloomberg) — The family of billionaire Peugeot has revealed the extent of its losses, similar to its investments in Austria’s Signa real estate empire, another black stain on the clan’s history of diversification.
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Peugeot Invest, the index-linked company controlled through the French family and run by Robert Peugeot, has reported losses of 272 million euros ($296 million) on Signa Group’s holdings since its inception, accounting for most of the overall damage from real estate holdings. .
The 4. 6% investment in Signa Prime Selection AG from 2019 and the 5% stake in Signa Development Selection AG two years later were fully amortized, according to the statement. In total, Peugeot Invest reported that the negative effect had a negative effect in the last year of the year. Valuations of unlisted real estate assets amounted to €434 million.
Peugeot Invest’s Signa losses were accompanied by a reshuffle in senior management. The company announced earlier this month the departure of its chief executive Bertrand Finet, who had also overseen the downgrade of investment in scandal-plagued aged care operator Orpea SA.
Shareholders of Signa Prime and Signa Development will lose almost all of their investments in Rene Benko’s conglomerate due to a restructuring plan approved through creditors on Monday. The plan includes paying creditors 30% of their claims and transferring almost all real estate assets to a trustee to manage an orderly sale process.
Robert Peugeot was a member of the supervisory forums of Signa Prime and Signa Development when they filed for bankruptcy at the end of December.
Read more: Signa backs restructuring plans pending 30% payment
Peugeot Invest’s losses for Signa and its real estate holdings were offset by massive gains in the market of its former main asset, a 7% stake in automaker Stellantis NV, which emerged from a mix of the family’s eponymous automaker and Fiat Chrysler.
At the end of 2023, Peugeot Invest recorded a net worth of €5. 95 billion, up from €4. 97 billion the previous year. In addition to Stellantis, investments in SPIE and SEB also performed well, the company said.
In a new measure of diversification, last year the Peugeot family became part of a trio of France’s wealthiest dynasties that invested in Rothschild.
The commercial origins of Peugeots can be traced back to 1810, when an ancestor converted a windmill into a metallurgical workshop. Its first car dates back to 1889. Family members are still actively involved in the company and make up more than a part of the board of directors of Peugeot Invest. .
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