Project update

Update from the originator: 

Dear investors,

The Geblergasse 101 project developed well and further sales were concluded. Nevertheless, the mood of potential buyers is very tense. The effects of high interest rates and massively more difficult lending in Austria mean that, despite enormous efforts, not all units have been sold. Since the repayment of the capital is based on the sales proceeds, this cannot be done at the moment. There are still 8 of 17 units at Gelbbergasse 101 for sale. Due to the difficult market situation, it is currently not possible to predict when the last apartments will be sold and the loans will subsequently be serviced from the sales proceeds.

About the construction site:
The screed will be laid everywhere next week and completion will begin in May. The handover is scheduled for June/July.

We would like to apologize for the short notice of this message and the inconvenience caused by the delay.

Both the contractually agreed interest and the statutory default interest apply. 4.0 percent until the actual repayment date.

Kind regards
KVIERREAL Group

Update from the originator: 

The project is being carried out using the BTVG (Developer Contract Act) and there is good pre-utilisation. Nevertheless, the originator is feeling the high interest burden due to the current market situation. There have been no new deals on this project since March, although they do have two purchase offers for a further approximately €900,000. The originator expects to be able to complete this by the end of the year. They notice the prevailing fear among customers and difficult financing options when it comes to lending to buyers.

Structurally, the screed will be laid everywhere by the end of the year. The facade and windows will also be completed by the end of the year.

Update from the originator: The issuer started soft marketing around three months ago and has already sold 9 apartments. No advertisements were placed here, only pre-registered customers from other projects were written to. Construction will start in Q2 2022. The completion of the shell is planned for the end of this year or Q1 2023. The sales were made in accordance with BTVG and the payments from the escrow account are released after defined milestones. Full marketing including advertisements will take place in Q3 or Q4 2022 and the advertisements are currently being prepared.