Real estate tycoon Hallmann under intense scrutiny amidst recent revelations
In the heart of Vienna, an empty field where residential buildings were planned to rise next year stands as a testament to the insolvency of construction company SUBA AG. The once-promising projects, now uncertain, include the Plus Energy Quarter 21, scheduled to be built at Pilzgasse 33 by 2026.
The insolvency of SUBA AG, a company with debts amounting to approximately 226 million euros and assets of around 8.6 million euros, has cast a shadow over the projects it was promoting in the city. The Vienna Commercial Court opened insolvency proceedings over the construction company earlier this year.
As for the Plus Energy Quarter 21, recent documents focus mainly on financial reports of unrelated companies, carbon crediting frameworks, and other industry news. There are no publicly available details about the current status of this project following SUBA AG's insolvency. To get the most accurate and up-to-date information, one would need updates from Vienna city planning authorities, the project developer's official communication, or local news reports focused on Viennese urban development.
Meanwhile, Hallmann Holding, a significant player in the Viennese real estate market, has announced a realignment of its real estate business. The aim is to reduce new project development and focus on existing properties. This shift also includes a focus on logistics companies, apartment hotels, and student housing.
The financial woes of the Hallmann Group, which include a significant increase in interest payments from 12 million euros in 2021 to 17 million euros in 2022, have led to a desire to do without investor capital and special financing forms in this realignment. If no measures were taken in 2023, the Group would have had to pay around 35 million euros in interest, based on the financial debts of 2022 and an interest rate of 5%.
The insolvency of SUBA AG and the subsequent uncertainty it has caused in Viennese projects are not the only challenges facing Hallmann Holding. Bank liabilities also increased in 2022 for the Group. Creditors of SUBA AG are concerned about their money and hope that the projects will still be built.
Klemens Hallmann, a prominent figure in Vienna's real estate scene, is associated with SUBA AG. The exact implications of this connection for Hallmann Holding's current situation remain unclear.
As the city of Vienna continues to evolve, the impact of these developments on its urban landscape remains a topic of interest and concern for many. For the most accurate and up-to-date information, it is recommended to consult direct announcements from the developer of Plus Energy Quarter 21 or the Vienna municipal construction office.
The insolvency of SUBA AG, a construction company with a significant role in Viennese projects, has left the future of the Plus Energy Quarter 21, a planned real-estate development, uncertain, as there are no publicly available details about its current status. financial institutions, wary of previous debts, are concerned about their money and hope that the projects will still be built, particularly since Klemens Hallmann, a prominent figure in Vienna's real estate scene, is associated with SUBA AG.
Meanwhile, Hallmann Holding, a major player in Viennese real estate, has announced a strategic shift in their business, aiming to reduce new project development and focus on existing properties, logistics companies, apartment hotels, and student housing, as they grapple with financial challenges, including increased interest payments and bank liabilities.
