Project update

Update from the originator: 

After intensive efforts, the bank's conditions for financing further construction work were met in February 2024. Construction activities will therefore resume as soon as possible after a temporary pause. Unfortunately, due to the temporary forced construction stop, the entire schedule and, as a result, the repayment of the loan, which was planned for March 21, 2024, is delayed. As soon as the issuer is able to set a specific date for repayment, the originator will communicate this immediately.

Marketing of the apartments begins as soon as substantial construction progress has been achieved. Experience has shown that the chances of successfully completing a sale increase significantly as soon as the project has progressed to the point where the floors and tiles can be laid in a timely manner.

The contractually agreed interest as well as the statutory default interest of 4.0 percent will accrue until the actual repayment date.

Update from the originator:

The issuer of the Große Stadtgutgasse 19 project has informed us that the interest payment due on September 21, 2023 cannot be made at the moment. The originator are in communication with the project partner and they are working intensively on a solution. Efforts are currently being made to hold discussions with banks in order to refinance the loan. It is currently not possible to predict when the discussions with the banks will be successfully concluded.

With regard to construction work, work is currently underway to complete the pavement.

As soon as the originator will have further information, they will keep you updated. The issuer apologizes for the current lack of interest payment and the inconvenience this has caused.

Update from the originator: 

El-CO GmbH, the issuer of the project, has informed the originator that the project is currently being completely renovated. There is a delay of approx. 6 months, as the space for the lift is currently different from what was available at the time. The conversion also opens up access to the basement. 

The sale will take place as soon as the apartments are ready to be covered. According to the plan, this should take place at the beginning of September 2023. From the current point of view, the originator can inform you that there should be a timely repayment.

Update from the originator: After negotiations with various construction companies, the issuer has now decided on one company. The general contractor work contract is currently being prepared. The building permits according to §70a for the attic conversion have already been submitted and are currently being examined. Construction is scheduled to start in August or September. The construction notification has already been made. Furthermore, the standard floors have already been completely gutted. The project in the second Viennese district of EL-CO GmbH is therefore on schedule so that from today's perspective the completion and return of the capital should take place on time.