Project update

Update from the originator: 

Due to the current market situation - in particular the slow sales of apartments - the Realtrade Group, parent company of the issuer SUWAR RT Immobilien KG, is currently unable to repay the loan on time and is requesting a deferment. 

The parent company, I & Co Realtrade Holding und Beteiligungs GmbH, has commissioned the auditing and tax consulting firm and restructuring expert, BDO Austria Holding Wirtschaftsprüfung GmbH, to define a restructuring strategy with the help of which further liquidity is to be provided by the financing banks.

The issuer is already in discussions with the banks and expects to be able to present a plan for the Pazmanitengasse project within the coming weeks.

Update from the originator: 

In August 2023, an application was submitted to the building authority for the previously announced conversion of 18 apartments into 14 apartments on the existing floors. This was done building on the previously approved submission.

Eight of the apartments have been combined into four larger apartment units, reducing the original number of 18 to 14 apartments. The decision on the approval of the rededication is still pending.

The start of construction of the project has not yet been determined due to the current economic uncertainties and will take place in the third quarter of 2024 at the earliest.

Update from the originator: 

The project is going according to plan. Certain flats are currently being rededicated as apartments. 

In summary, the following development steps have been completed:

Purchase of the property (share deal)

Obtaining the building permit

Rest of the procedure:

Refurbishment of old stock (apartments and common areas)

Implementation of the DG expansion

Update from the originator: The project is going according to plan. The architects are currently processing a request from MA37 for the submission of documents. At the same time, plans are being made for possible conversion into apartments. Two more units were returned to Realtrade. Construction is expected to start in the first quarter of 2023.

Update from the originator:

At the end of February, the submission to the MA37 building authority for the expansion of the attic takes place. Due to the Covid situation, the authority needs about 6 months to check the submission. A building permit is therefore expected in August 2022 and at the same time, it will be checked whether it is possible to convert the apartments. Some rentals were successfully carried out. The project is progressing according to plan and construction is expected to start in March 2023.