Developer of Bergfürst project in Bernburg is insolvent
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.
Subscribers to our premium service have access to this article in full as well as to an additional 510,000+ news items: all filterable by topic, company, asset class, city or keyword. In TD Premium you can search for investment deals, leases, current project developments and company news with pinpoint accuracy.
TD Premium is Germany’s leading property information tool that interconnects news, transactions, project data, market and company information in a unique and flexible system.