Companies within the Project Immobilien Group are insolvent. Buyers of the properties have already made large down payments in some cases and are unsettled given the difficult situation.
Many construction projects are not yet completed, but the companies of the Project Immobilien Group have filed for insolvency. Buyers of the properties, who have already made high down payments in part, are wondering what will happen next. Will the construction project be completed, and what about the money they have already invested? The law firm MTR Legal advises private and commercial investors in real estate law and informs buyers affected by the Project insolvency about their legal options.
The Project Group is built on two corporate pillars: The Project Immobilien Group is responsible for the planning, management, and sales of real estate projects. Here, the district court of Nuremberg has opened preliminary insolvency proceedings for the holding Project Real Estate AG as well as the companies Project Immobilien Projektentwicklungs GmbH, Project Immobilien Management GmbH, and Project Immobilien Wohnen und Gewerbe GmbH.
The situation is complicated by the fact that the Project Immobilien Group is not the owner of the real estate. This is the Project Investment Group, the second corporate pillar. So far, only Project Vermittlungs GmbH has filed for insolvency.
The Project Investment Group has set up, among other things, funds through which each individual construction project was financed. The fund companies are not yet affected by insolvencies but have stopped non-profit-related payouts to investors, reports Handelsblatt on 08/22/2023.
As the provisional insolvency administrator of the holding Project Real Estate and the operating company Project Immobilien Management Immobilien GmbH has announced, a solution is being sought together with the fund companies, examining whether and how the necessary financial means for the continuation of the projects can be raised. For each construction project, relevant key data such as construction status, account status, outstanding liabilities, and future financial needs must be determined. Currently, the Project Immobilien Group is managing around 118 projects, including residential buildings with approximately 1,850 apartments under construction. This also means that the examination is time-consuming and it may still take some time before buyers gain more clarity.
Buyers of the properties can already seek legal advice now to be prepared for further developments.
At MTR Legal, experienced lawyers advise in real estate law. erfahrene Rechtsanwälte.
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