The liabilities (liabilities) amount to around 604 million euros, as announced by KSV1870. At Imfarr, former Federal Chancellor Werner Faymann (SPÖ) was also on board as an investor from 2019 to 2022 and former Minister Josef Ostermayer (SPÖ) was on board as a manager from 2021 to 2023.
The real estate group around the Farrokhnia family has caused a stir in recent years with major real estate deals in Germany, for example in Munich. According to KSV, Imfarr Beteiligungs GmbH has (indirect) interests in 44 companies. The managing directors of Imfarr Beteiligungs GmbH are Nemat Farrokhnia and Ernst Gassner. According to media reports, Nematollah Farrokhnia (77), who was in top management at the construction group Strabag for over 30 years and later also served on the supervisory board of competitor Porr, was also present in the background at Imfarr for a long time.
Negative developments on the real estate market
According to its own statements, Imfarr Beteiligungs GmbH has been “particularly hard hit” by the current negative developments on the real estate market and that economic and geopolitical uncertainties have “completely brought demand for office properties in Germany to a standstill”. The “unexpectedly rapid increase in interest rates” has led to significantly higher financing costs and, at the same time, to less demand for real estate. As a result, the company’s real estate projects “could not be implemented and completed to the planned extent or within the planned timeframe, and sales transactions could not be finalized”.
Around 110 creditors and 18 employees are affected by the insolvency. The liabilities currently consist of the following: unsecured bank liabilities (27 million euros), unsecured other liabilities (219 million euros), contingent liabilities (332 million euros) and bond liabilities including interest (26 million euros). The Viennese real estate developer wants to restructure the company. The creditors are being offered a restructuring plan with a quota of 20 percent payable within two years. The financing of the restructuring plan quota is to be made possible by the “orderly utilization” of the existing real estate portfolio.
