“For the joy of developing”: This slogan is on the website of the real estate investor and developer Imfarr. However, the Viennese company probably doesn’t have much reason to be happy at the moment.
On Tuesday, restructuring proceedings without self-administration were opened at the Vienna Commercial Court for the assets of Imfarr Beteiligungs GmbH. According to the creditors’ protection association KSV1870, liabilities amount to 604 million euros, and the bankruptcy affects around 110 creditors and 18 employees.
The insolvency administrator is the Viennese lawyer Stephan Riel, known as the insolvency administrator of the insolvent construction company Alpine. Creditors can file claims until August 29th and are offered a 20 percent quota, payable within two years. The financing of the restructuring plan quota is to be achieved through an “orderly sale” of the existing real estate portfolio.
Image: APA/BKA/ANDY WENZEL
“}”>
Image: APA/BKA/ANDY WENZEL
Imfarr joins a list of several domestic real estate insolvencies and bankruptcies in the recent past. These include the Signa empire around the Tyrolean investor Rene Benko, the Viennese developer BBO Immo, the B&R Generalunternehmer GmbH from Vienna and the Linz real estate company Bau & Boden and its parent company Ortner Real.
Imfarr, founded in 2007, has a political component: former Federal Chancellor Werner Faymann (SP) was an investor from 2019 to mid-2022, and former State Secretary and Minister of Culture Josef Ostermayer was a manager from 2021 to 2023. According to the “Presse”, Faymann established contact with Munich’s mayor Dieter Reiter (SPD), among others, and presented real estate projects. In this way, he was the link between the real estate industry and urban development.
