The residential complex with the striking building supports and the eye-catching bay window near the Cornelius Bridge, the city palace by the British star architect David Chipperfield in the Herzogpark, the Nazi high-rise bunker on Ungererstraße that was converted into a residential and office building – real estate investor Stefan Höglmaier has with his Euroboden GmbH realized unusual and often controversial luxury construction projects in Munich. The company, founded in 1999 and based in Grünwald, filed for bankruptcy on Friday.
What Höglmaier and his co-managing director Martin Moll said sounded like giving up business: real estate crisis, rising construction costs, rising interest rates, slump in demand, emergency sale of land, emergency sale failed. This threatened Euroboden creditors, who had subscribed to two bonds worth a total of 115 million euros, with a massive loss. This, in turn, earned the luxury real estate developer criticism from the Protection Association of Capital Investors (SdK): One does not understand why Euroboden is “virtually going into a state of liquidation”. Real estate developers would also be needed in the future.
The provisional insolvency administrator, who was appointed by the Munich district court on Monday, sounds much more moderate: Attorney and restructuring expert Oliver Schartl from the Munich law firm Müller-Heydenreich Bierbach & Colleagues reports that Euroboden’s business operations should be stabilized as quickly as possible. You are currently getting an overview of the GmbH and the approximately 50 project companies. “The wages and salaries of the 47 employees are initially secured by the insolvency allowance,” explains Schartl.
According to him, Euroboden currently has around 25 active projects. Three are under construction and should be completed, as the company said at the end of July: the “Hammerschmidt” office complex in Aschheim-Dornach, 24 apartments in Berg am Starnberger See under the name “Schatzlgasse” and the “Lion” in Berlin-Kaulsdorf with 124 Apartments. The “Franziskaner 15” with 68 apartments near Rosenheimer Platz has apparently been settled. There has been a vacant lot there for months.