Signa Development Selection AG, one of the units of Austrian billionaire Rene Benko’s sprawling real estate empire, is in the process of appointing financial and legal advisers as it faces a cash crunch.

The company pointed to a worsened market environment following the uptick in interest rates, according to its latest financial results distributed to investors late Tuesday and seen by Bloomberg. “SIGNA Development is currently facing challenges, including with respect to its liquidity position,” the company said.