As of: March 13, 2024, 1:11 p.m
By: Lars-Eric Nievelstein
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Press
Split
The Austrian construction group Soravia is undergoing a comprehensive restructuring.
Now there was the first victim.
A German subsidiary has filed for bankruptcy.
Berlin – The earthquake in the European real estate industry continues.
After dozens of companies filed for bankruptcy as a result of the chaos at René Benko's Signa Group, the Austrian construction company Soravia is now being hit.
Specifically, the German financing arm, SC Finance Four GmbH, was hit.
Soravia spins off “One Group” – “nerve test” for investors
Background information: A few weeks ago, Soravia began to spin off all of the companies in the so-called One Group from the operational part of the group.
This is a real estate financier from Germany, a direct subsidiary of Soravia.
Over the past few weeks, One Group had already stopped selling individual products.
WirtschaftsWoche
already wrote about a “nerve test” for investors
.
In January, around 11,000 investors did not receive the agreed interest for the fourth quarter of 2023. Issues with a volume of 409 million euros were affected.
Triple Towers in Vienna.
The Austrian construction group Soravia is undergoing a comprehensive restructuring.
A German subsidiary has filed for bankruptcy.
© IMAGO / SKATA
On January 12th, the two One Group managing directors Malte Thies and Oliver Quentin were also dismissed by shareholder resolution – “with immediate effect”.
In addition to the One Group companies, Soravia had spun off other companies.
Restructuring of German subsidiary – SCFF files for insolvency
Which brings us to bankruptcy.
SC Finance Four GmbH, which belongs to the One Group, is now seeking restructuring proceedings under self-administration.
“The requested self-administration ensures legal certainty for investors,”
Handelsblatt
quoted the Austrian group as saying.
In this restructuring process, at least that is the plan, the SCFF wants to be able to refinance target projects.
Investors should receive better protection through this “legalized” and “transparent” process.
For Soravia, the SCFF primarily served as a control center for transfers worth millions.
Soravia had collected investor money through the One Group;
The money from Hamburg funds then went to the SCFF, which in turn had financed Soravia's construction projects.
Soravia – Munich Central Station also affected
For investors, this also raises the question of what will happen to the construction projects under Soravia's umbrella.
According to
fondsprofessional Online
, Soravia is spinning off at least two project companies from its operational part of the group and attaching them to ZH24 Beteiligungs zwei GmbH.
This measure affects Kurfürstenstraße 114-116 Projektentwicklungs GmbH, which also owned the former “Sylter Hof” hotel, and also the project company Soravia VRG 1 GmbH, which wanted to acquire the Allianz data center in Unterföhring.
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Handelsblatt
, which claims to have internal data available for evaluation, reported that a total of four recipients of SCFF millions are “in serious difficulties”
.
In addition to the “Sylter Hof” property and Soravia VRG 1, projects called “Munich HBF” and “ Zollhafen, Mainz” will now also be under ZH24.
A portfolio analysis is currently underway at Soravia - according to Handelsblatt, the spin-off of the affected companies is a symptom of this.
CEO Erwin Soravia said in the Austrian
press
: “We cannot escape the market either.” The loss of trust hurts;
Such upheavals have not occurred for decades.