--- title: "Timo Herzberg: Prime leadership, Havit and later mandates" language: en canonical: https://osint.v3rta.com/dossiers/signa-holding/participants/timo-herzberg/ as_of: 2026-10-10 keywords: ["SIGNA Holding GmbH","SIGNA Prime Selection","SIGNA Development Selection","René Benko","Familie Benko Privatstiftung","Laura Privatstiftung","Ingbe Stiftung","Supraholding","ownership","insolvency","corporate governance","asset recovery","criminal proceedings"] --- # Timo Herzberg: Prime leadership, Havit and later mandates **Question.** What do the records show about Herzberg’s roles and contested business dealings? **Answer.** The accounts and register summaries establish dated management and liquidation roles. Reporting of the Havit dealings and indirect investments remains attributed, with Herzberg’s denial preserved. ## What this research adds - Analysis: This profile links the leadership chronology to the distinct corporate chains without inferring beneficial ownership from a managerial mandate or sharing an allegation with neighbouring participants. [s-d113] [s-d168] [s-d146] [s-d149] [s-d115] [s-d271] [s-d328] ## Dated leadership and formal mandates - Analysis: Prime’s 2019 accounts list Timo Herzberg as a management-board member from 1 January 2017, alongside Stadlhuber, Pirolt and Sauerbier. Reporting describes his earlier COO role from 2016, leadership of the German business from 2018 and appointment by Benko to lead Prime and Development in mid-2021. It attributes to insiders approximately EUR22 million of a reported EUR28 million manager-bonus total in 2022. The account rounds the stated 80% share; that estimate is different from a verified individual compensation ledger. [s-d113] [s-d168] - Qualification: The approximate EUR 22 million bonus is an insider-attributed estimate; 80% of EUR 28 million is EUR 22.4 million, and the account rounds. - Documented: Prime's 2019 accounts name Christoph Stadlhuber as management-board chair from 13 December 2012, Manuel Pirolt as member from 19 June 2013, Timo Herzberg from 1 January 2017 and Tobias Sauerbier from 1 March 2019; Bernhard Jost was an authorized signatory. Alfred Gusenbauer chaired the supervisory board, with Karl Stoss as deputy and Matthias Cordier, Robert Peugeot, Susanne Riess, Jürgen-Johann Rupp, Karl Samstag, Karl Sevelda and Rainer de Backere as members; Helmut Linssen left on 18 July 2019. [s-d113] - Qualification: This is the 2019 reporting-date governance record; absent departure dates here do not establish that these offices remain current. - Analysis: His project-company mandates remain separate from those group offices. A historical register summary names Herzberg and Bernhard Jost as managers at the establishment of SPS Vierte Immobilienmanagement in August 2017, later Hamburg, Elbtower Immobilienmanagement. A September 2025 entry records Bernhard Chwátal and three unnamed departing managers, which does not identify Herzberg’s exact departure date. The property’s group participation and the project company’s individual officers are different layers of the relationship. [s-d146] [s-d113] - Qualification: The September 2025 departing managers are unnamed in this entry; Herzberg’s exact cessation cannot be assigned mechanically to that date. - Documented: Prime's end-2019 participation list reports 100% group interests in the Elbtower vehicles and DtB Eschborn Holding, Invest, Beteiligung and Objekt vehicles, 89.9% in SIGNA DTB Eschborn GmbH and 44.4% in SIGNA 13 Eschborn Objektfonds. It also lists fully consolidated Gänsemarktpassage, Carschhaus and Köln Hohe Straße vehicles. [s-d113] - Qualification: These are historical group-perspective participation percentages; asset-named holding companies and property-management vehicles remain distinct. ## The Havit allegations and his response - Analysis: Herzberg was dismissed without notice from Prime and Development in December 2023 amid allegations of serious misconduct. Reporting alleged that Havit obtained below-market rent in Berlin’s Beam project and unusually high fit-out subsidies, with a proposed criminal complaint and alleged losses in the low double-digit millions. Cherry Capital was reported to hold 60% of Havit Spaces Holding, with the remainder through other former Signa employees’ companies. The company names and corporate shareholding path are retained separately from an allegation that particular terms harmed Signa. [s-d168] - Qualification: Suspected misconduct, favourable terms and estimated low double-digit million losses were reported allegations. Dismissal and proposed complaint are distinct from a criminal finding. - Response: Herzberg rejected the allegations through lawyer Georg Muhri. - Outcome: Dismissal took effect in December 2023; no final outcome on the misconduct allegations was found in the inspected passages. ## Corporate chains and mandates after the collapse - Analysis: The register summaries record Herzberg managing Cherry Capital from November 2011 and Geinsheim from January 2016 after an earlier 2010 mandate. Geinsheim is the general partner of Cherry Vermögensverwaltungs GmbH & Co KG, which is listed as Supra InvestCo’s limited partner. Cherry Capital and Cherry Vermögensverwaltungs are distinct companies. The chain establishes managerial and partnership relationships, but does not disclose the limited partners behind Cherry or prove a particular ultimate percentage owned by Herzberg. Separate December 2023 reporting attributes indirect Supra InvestCo ownership to him; its evidentiary basis remains different from the register’s formal roles. [s-d146] [s-d149] [s-d115] [s-d271] [s-d168] - Qualification: A director and general-partner chain is not proof of a person’s beneficial ownership or the limited partners behind Cherry. - Attributed: A retained register summary records Timo Herzberg as managing director of Berlin's Cherry Capital GmbH from 16 November 2011. This company is distinct from Cherry Vermögensverwaltungs GmbH & Co KG. [s-d146] - Qualification: Cherry Capital GmbH and Cherry Vermögensverwaltungs GmbH & Co KG cannot be merged on a shared name fragment. - Attributed: A retained register summary identifies Cherry Vermögensverwaltungs GmbH & Co KG, Berlin HRA 60316 B, registered on 22 June 2022, with Geinsheim GmbH as general partner and a purpose of holding its own assets, interests and property. [s-d149] - Qualification: This business-information record establishes the described actors, period and scope, not an independently confirmed later status. - Attributed: Supra InvestCo GmbH & Co KG, FN 584009 m, was registered in Innsbruck in July 2022. Retained records list Supraholding GmbH as general partner and Cherry Vermögensverwaltungs GmbH & Co KG as limited partner from November 2022, with the latter's contribution shown as EUR 1,000 in a business-information profile. Its insolvency proceeding, LG Innsbruck 7 S 22/26, reached approval of the administrator's final account and distribution proposal on 29 September 2026. [s-d115] [s-d271] [s-d149] - Qualification: The official register gives registration on 2 July 2022 and Cherry entry on 9 November, while the business profile gives 1 July and 8 November; these are separate reported register/publication dates. Final distribution approval is not proof of a corporate deletion. - Attributed: December 2023 reporting attributed indirect ownership of Supra InvestCo to Timo Herzberg and identified Supraholding GmbH as its general partner. The underlying managerial and partnership chain is documented separately; a precise beneficial stake is not disclosed in the inspected registers. [s-d168] - Qualification: Indirect ownership is an attributed press account; registry evidence documents the chain of mandates and partners but not the precise ultimate economic stake. - Analysis: The later summaries record Herzberg at the establishment of Bella Coola Bay in October 2024 and PropVisionX in May 2025, the latter with another manager. They also record him and Tobias Sauerbier as joint liquidators of SPS Fünfundvierzig Management from February 2026. These later offices show activity beyond the former Prime leadership role. An appointment without a later departure in the inspected summary is recorded as a dated mandate with subsequent status unknown, rather than silently promoted to a current-at-cutoff office. [s-d146] [s-d328] - Qualification: The register summaries provide the stated appointments; they do not prove continuing service at the cutoff where a later end is unrecorded. - Attributed: Register summaries identify Herzberg as managing director of Bella Coola Bay GmbH at registration on 31 October 2024 and PropVisionX GmbH on 14 May 2025, the latter with A. Schirpke. [s-d146] [s-d328] - Qualification: This business-information record establishes the described actors, period and scope, not an independently confirmed later status. - Attributed: A register summary records Herzberg and Tobias Sauerbier as joint liquidators of SPS Fünfundvierzig Management GmbH from 26 February 2026. [s-d146] - Qualification: This business-information record establishes the described actors, period and scope, not an independently confirmed later status. ## Sources - [s-d113] Company statement source · s-d113 - [s-d168] Media source · s-d168 - [s-d146] Corporate registry source · s-d146 - [s-d149] Corporate registry source · s-d149 - [s-d115] Corporate registry source · s-d115 - [s-d271] Austrian commercial-register record: Supra InvestCo GmbH & Co KG, Republic of Austria, Electronic Official Gazette - [s-d328] Corporate registry source · s-d328