The real estate group primarily manages residential construction projects. The company manages a portfolio of properties worth four billion euros in 50 different locations.
The construction and real estate industry has slipped into a deep crisis, especially in the past two years, writes the company in a statement available to the media. The “Viktoria Quarter” project in Wiesbaden was particularly affected by the very difficult market conditions for project developments in recent years, the company writes in the statement. The bankruptcy of the Austrian real estate company Signa caused a stir in November 2023, but smaller project developers also had to give up due to a high interest rate level, it adds. The group is one of several mega-bankruptcies in the construction and real estate industry, which has fallen into a deep crisis in the last two years. The firm employs 280 people, most of whom work at the company headquarters in Wiesbaden.