Insolvency of the company Project: Construction projects under the examination after a billionover level of planned projects throughout Germany

Veröffentlicht: 12. August 2023, 23:43 Uhr

Von: NAG Redaktion

Die Immobilienbranche in Deutschland befindet sich in einer tiefen Krise. Nun hat es auch die Firma Project erwischt. Im August wurde auf Immoscout24 mit Aktionspreisen für die Wohnanlage „Bergfelde Living“ in Hohen Neuendorf im Berliner Speckgürtel geworben. Die angebotenen Eigentumswohnungen sollten zwischen 258.000 und 645.000 Euro kosten. Doch der Immobilienentwickler, der das Bauvorhaben realisieren sollte, ist insolvent. Das betrifft nicht nur diejenigen, die hier bereits eine Wohnung gekauft haben, sondern auch die Unternehmen, die gerade an den Bauprojekten arbeiten. Alle Bauvorhaben werden nun einer Prüfung unterzogen. Der Nürnberger Immobilienentwickler Project hat Insolvenz beantragt. Drei der vier Gesellschaften der Gruppe haben … — The real estate industry in Germany is in a deep crisis. Now the project has also been caught. In August, IMMOSCOUT24 advertised action prices for the "Bergfelde Living" residential complex in Hohen Neuendorf in the Berlin bacon belt. The condominiums offered should cost between 258,000 and 645,000 euros. But the real estate developer who should implement the construction project is insolvent. This not only affects those who have already bought an apartment here, but also the companies that are currently working on the construction projects. All construction projects are now being examined. The Nuremberg real estate developer Project has applied for bankruptcy. Have three of the four companies in the group ... (Symbolbild/MB)

The real estate industry in Germany is in a deep crisis. Now the project has also been caught. In August, IMMOSCOUT24 advertised action prices for the "Bergfelde Living" residential complex in Hohen Neuendorf in the Berlin bacon belt. The condominiums offered should cost between 258,000 and 645,000 euros. But the real estate developer who should implement the construction project is insolvent. This not only affects those who have already bought an apartment here, but also the companies that are currently working on the construction projects. All construction projects are now being examined.

The Nuremberg real estate developer Project has applied for bankruptcy. Three of the four companies in the group have already filed for bankruptcy, and the Holdinggesellschaft Project Real Estate AG is expected to follow at short notice. The insolvency administrators of the renowned Nuremberg law firm Schultze & Braun will continue the business and check both renovation options and the continuation of the ongoing construction projects.

According to the company website, 120 construction projects with an investment volume of 3.2 billion euros were planned or already under construction at the end of June. The insolvency administrators state that the group currently looks after around 60 projects throughout Germany. As one of the main reasons for bankruptcy, the company mentions the enormously increased construction costs due to the Ukraine secretary. These cost increases could not be passed on to customers. The focus of the Project Group is located on the metropolitan areas of Berlin, Munich, Hamburg, the Rhine-Main area, the Rhineland and Nuremberg.

In addition to “Bergfelde Living”,

In the Berlin region, other projects are either under construction or ready to move into. These include "Salut Potsdam" in Potsdam-Bornim with 19 condominiums and three houses, "Billy Wilder Living" in Lichterfelde with 71 condominiums, ready for occupancy at the end of 2023, "Schiller & Havel" in Hohen Neuendorf with 36 condominiums and "Waidmanns" in Reinickendorf with 18 condominiums.

The bankruptcies in the real estate industry are bad news for both buyers, investors and for construction companies. The rapid increase in real estate interest in combination with the increase in construction prices has already resulted in several bankruptcies in the industry in recent months. Nationwide, reports about developers who cannot or only sell completed condominiums and houses are piled up or only after months, since potential buyers cannot or do not want to pay prices. If real estate developers get into financial difficulties, not only investors and buyers suffer, but also the construction companies they commissioned to sit on unpaid invoices.

The Project Group has so far used it to use all construction projects only to use equity. This should offer customers and investors the greatest possible security and reliability.