Project update

Update from the originator: 

The issuer of the Schillerstraße 6-8 project, informed the originator that the outstanding amount will be repaid by the end of June. The managing director and owner of the project company has signed a notarized declaration of acknowledgment of debt. As a result, there is no need for the claims arising from the subordinated loan agreement to be asserted in court, since the acknowledgment of debt is a directly enforceable title.

If the originator will not post any incoming payment by mid-July, they will assert the acknowledgment of debt.

The contractually agreed interest and the statutory interest on arrears of 4.0 percent will accrue until the actual repayment date.

Update from the originator: 

The issuer of the "Schillerstrasse 6-8" project was able to further reduce vacancies; Except for 1 unit, the entire property is rented. The current list of tenants shows a net monthly rent of EUR 30,000 off. A repayment by the end of June is still planned. 

The contractually agreed interest and the statutory interest on arrears of 4.0 percent will accrue until the actual repayment date.

Update from the originator:

The repayment of the project "Schillerstrasse 6-8" is due on February 3rd, 2023. So far, around 80% of the invested capital including interest has been transferred by IME GmbH as the issuer. This will be credited to your account shortly. The remaining approx. 20% of the invested capital should be transferred by the end of Q2 2023 at the latest. Since the project is held by the issuer and, according to the list of tenants, is currently 95% rented with a net monthly rent of EUR 28,000, the outstanding amount will be repaid from the rental income.

For the period up to the end of June 2023, the contractually agreed and statutory default interest of 4.0 percent will be charged until the actual repayment date.

Update from the originator: 

The issuer of the "Schillerstrasse 6-8" project, has informed the originator that it still intends to repay the loan early but that the processing is taking longer than expected. For this reason, the issuer has meanwhile transferred the outstanding interest due, which you have already received to your clearing account.

As soon as the originator receives further details on the repatriation of the capital, they will inform you immediately.

Update from the originator:

IME GmbH, the issuer of the "Schillerstrasse 6-8" project, has informed the originator that it intends to return the capital early before the end of the planned term. In this regard, refinancing is to take place with the external financing bank. The originator was informed that there was already a signed offer from the bank. According to current information, the issuer holds out the prospect of completing the refinancing in the next few weeks. With a successful settlement, the investments and the interest accrued up to that point would be repaid.

Update from the originator:

IME GmbH as the issuer of the Schillerstraße 6-8 project has informed the originator that the annual interest payment will be distributed to all investors by the end of August at the latest. This is because of the refinance process for the issuer, which took longer than planned.

Update from the developer:

The garage and basement are already finished.
The shell of component A (1300m2) will be finished by the end of March/beginning of April.
The shell of component BC (300m2) will be finished by the end of this month.
At the same time, we do electrical, plumbing, facade and roof work.
Windows and outer doors are already in production.

New pictures of the progress have been added.

Update from the developer:

The project is proceeding according to plan and construction work is in full swing.
Component A: The ceiling above the 2nd basement has already been concreted.
Component B / C: The reinforced concrete structures have been reinforced and the ceiling above the ground floor reinforcement has been laid. The concreting work will take place on Friday, December 18, 2020.

New photos of the progress have been added.