Signa Development, a key division of European property company Signa, filed for insolvency on Friday in a Vienna court with debts of around 1.16 billion euros ($1.28 billion), the KSV creditor protection association said.
Signa Development has 39 projects in the works, according to KSV. Projects are located in Vienna, Berlin, Wolfsburg, Germany, and elsewhere, according to Signa's website.
The holding company of Signa - a group of some 1,000 companies, with high-profile projects and department stores across Germany, Austria and Switzerland - filed for insolvency last month with around 5 billion euros in debt.
Other divisions have since followed suit, making Signa the biggest casualty so far in Europe's real estate crisis.
($1 = 0.9030 euros)
