(Bloomberg) -- Rene Benko’s ailing property group Signa is close to selling a building in downtown Munich to German construction tycoon Alfons Doblinger, in what would be the first major asset sale since its main units filed for insolvency in December.

Signa Prime and its insolvency administrator are in direct talks with the 80 year-old entrepreneur over the sale of Rosenstrasse 8 in Munich’s main shopping area, two people with knowledge of the discussions told Bloomberg. The building has been marketed for about €100 million ($109 million), they said, asking not to be named because the information is private.

Talks are ongoing and there’s no certainty an agreement will be reached, they said.

Signa Prime, the luxury property unit of Benko sprawling empire, is rushing to raise funds to convince a majority of creditors this month that its plans for a self-administered turnaround can be successful. Discussions with an unnamed potential buyer for Rosenstrasse 8 have been in the final stages, Signa Prime’s insolvency administrator said in a note to creditors dated Feb. 26 and seen by Bloomberg.

A spokesperson for Signa Prime confirmed the property is for sale, while declining to comment on the potential buyer. Doblinger didn’t immediately respond to an email and a call seeking comment.

Doblinger is the Chief Executive Officer of builder DIBAG Industriebau AG. His holding company owns a stake in listed construction firm Bauer AG.

The Munich building is held by the Signa Prime Capital Invest GmbH subsidiary, shares of which have been pledged as collateral for a €200 million loan from Schoeller Group. Signa Prime sold the Julius Meinl Haus in central Vienna in mid-December to the Austrian medical chamber, just weeks before it filed for creditor protection.

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