Abu Dhabi's Mubadala fund has been awarded more than 700 million euros ($825 ‍million) in arbitration linked ‍to the collapse of Austria's Signa property empire, creditor ​protection group Creditreform said on Tuesday.

Mubadala is among multiple international investors and creditors ⁠seeking to recover losses from one of Europe's biggest real estate failures.

Signa, ⁠founded by ‌real estate investor Rene Benko, once owned landmark buildings in Germany, Austria and Switzerland. It fell into insolvency in ⁠late 2023 after rising interest rates and borrowing costs pushed the group into financial distress.

Creditreform, which represents Signa creditors' interests, said the arbitration, overseen by the International Chamber of Commerce, targeted Rene ⁠Benko himself, the core ​entities of Signa Group and two family trusts.

The total disputed sum in the case ‍was about 900 million euros.

Benko's lawyer, the International Chamber of Commerce and Mubadala did not ​respond immediately to requests for comment.

It has yet to be determined where the money awarded to Mubadala will come from.

Signa's two main property operations, Signa Prime Selection and Signa Development Selection, which held the group's most valuable city assets and development projects, were spared payment and cost obligations in the case, their insolvency administrators said.

Benko, once one of Europe's most ambitious real estate developers, has been in custody for ⁠about a year. He has been convicted ‌twice for fraud related to insolvency cases. He is appealing against both convictions.

The collapse of his group left investors, including major German ‌and Swiss ⁠companies, facing hundreds of millions of euros in losses.

($1 = 0.8483 euros)

(Reporting by ⁠Alexandra Schwarz-Goerlich Writing by Kirsti Knolle Editing by David Goodman)