As property bigwigs gather in Cannes for the vibrant Mipim week, some familiar faces will be conspicuously missing. The aftermath of the easy-money boom years continues to reverberate through boardrooms.
Short-seller attacks, debt overload and plummeting markets have crippled many former European giants. SBB, Adler, and others are now grappling with troubled balance sheets under new leadership.
The exodus reflects how fragile business models could become when cheap credit dried up, for some mothballed brands like Signa, a yacht trip to the French Riviera seems like distant nostalgia.
At Mipim, representatives of restructured players will strive to turn the page on scandals and losses. But shareholders want assurances fresh blood can steady the ship.
The wave of resignations raises questions about risk governance when cracks first surfaced. Meanwhile, fallen titans like Ilija Batljan hope to recapture lost glory via new ventures betting on bargain basement prices.
As the real estate circus returns to Cannes, ghosts of the past will mingle with those attempting to profit from turmoil. Only time will tell whether leadership changes can revive damaged reputations.
