Ex-investor Faymann
Viennese real estate developer Imfarr is insolvent
The next bankruptcy in the Austrian real estate sector: following the mega-disaster of the Signa Group, the Viennese developer Imfarr has now had to file for insolvency. The company has accumulated debts of 604 million euros. In the past, prominent politicians, former Chancellor Werner Faymann and former Minister Josef Ostermayer (both SPÖ) were on board as investors or managers.
Imfarr Beteiligungs GmbH has applied to the Vienna Commercial Court for restructuring proceedings without self-administration. The company cites the current negative developments on the real estate market, which have hit it "particularly hard", as the cause of its insolvency. In particular, the economic and geopolitical uncertainties had "brought demand for office properties in Germany to a complete standstill", according to the company.
The "unexpectedly rapid rise in interest rates" had in turn significantly increased financing costs and caused demand for real estate to collapse. As a result, the company was unable to implement or complete projects in the planned scope and timeframe and was unable to finalize sales transactions.
Faymann and Ostermayer on board earlier
Prominent SPÖ politicians used to be involved in the real estate group, which is owned by the Farrokhnia family. Former Chancellor Werner Faymann was an investor in the company from 2019 to 2022. Former Minister Josef Ostermayer held a management position from 2021 to 2023. Both managed to "jump ship" in time.
Liabilities of 604 million euros accumulated
According to the credit protection agency, around 110 creditors and 18 employees are affected by the insolvency. Liabilities totaling 604 million euros have been accumulated. Creditors should be able to write off 80 percent of this amount. The restructuring plan envisages a 20 percent quota for the creditors, payable within two years.
The money for this is to come from the "orderly realization" of the existing real estate portfolio. According to the Imfarr website, current office real estate projects include Nordbahnstrasse 50 ("N50") in Vienna, MUC.ONE in Munich and Cavallo in Düsseldorf. According to KSV1870, the now insolvent Imfarr Beteiligungs GmbH holds shares in a total of 44 companies.
This article has been automatically translated,
read the original article here.
Kommentare
Willkommen in unserer Community! Eingehende Beiträge werden geprüft und anschließend veröffentlicht. Bitte achten Sie auf Einhaltung unserer Netiquette und AGB. Für ausführliche Diskussionen steht Ihnen ebenso das krone.at-Forum zur Verfügung. Hier können Sie das Community-Team via unserer Melde- und Abhilfestelle kontaktieren.
User-Beiträge geben nicht notwendigerweise die Meinung des Betreibers/der Redaktion bzw. von Krone Multimedia (KMM) wieder. In diesem Sinne distanziert sich die Redaktion/der Betreiber von den Inhalten in diesem Diskussionsforum. KMM behält sich insbesondere vor, gegen geltendes Recht verstoßende, den guten Sitten oder der Netiquette widersprechende bzw. dem Ansehen von KMM zuwiderlaufende Beiträge zu löschen, diesbezüglichen Schadenersatz gegenüber dem betreffenden User geltend zu machen, die Nutzer-Daten zu Zwecken der Rechtsverfolgung zu verwenden und strafrechtlich relevante Beiträge zur Anzeige zu bringen (siehe auch AGB). Hier können Sie das Community-Team via unserer Melde- und Abhilfestelle kontaktieren.