Developer of Bergfürst project in Bernburg is insolvent

21/05/2019

Project Z19 Stadthaus Plus in Bernburg (Saxony-Anhalt), brokered by crowd financing provider Bergfürst, is threatening to fold. Developer GPV Property Development Ltd. Germany Office has filed for insolvency with the Wolfratshausen district court. The planned sale of the project fell through, as investors were informed on 17 May. The project has been problematic for some time. In mid-2018, news spread that the project cannot be implemented as planned. Instead, the site was to be sold along with the building permit and plans. Although at the time there was talk of a buyer, the sale never materialized. Bergfürst collected €437,590 in mezzanine financing for the project from small investors.


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