St. Pölten in shock: Rossmarkthöfe-project in bankruptcy chaos!

St. Pölten in shock: Rossmarkthöfe-project in bankruptcy chaos!

In a surprising turn, the project of the planned “Rossmarkthöfe” is facing enormous challenges on the former Leiner area in St. Pölten. The property developer Süba AG, which is behind the major project, has applied for a renovation process without self -administration from the Vienna Commercial Court. The background is high debts of 226 million euros, which resulted in the company's insolvency. The insolvency administrator will now examine the survival ability of the Süba, while the renovation plan day statute is scheduled for July 10, such as OE24 reported

The planned project should upgrade the city center and includes apartments, offices, a hotel, a congress center and an underground car park with planned investments of around 100 million euros. But now the bankruptcy of a subsidiary of Süba raises concerns about the realization of this "future potential". Despite these turbulent developments, the city of St. Pölten does not want to give up the development of the location and continues to see opportunities for new investors. The central location between Rathausplatz and Promenade remains interesting for potential buyers, which confirms the city in its efforts to secure the positive development of the area.

reactions and effects

The city administration was surprised by the bankruptcy, but plans to continue the talks about a positive further development of the former Leiner area. In this context, a certain interest was also registered by investors who were able to establish contacts during the Mipim, the internationally renowned real estate fair. In addition, the Signa company, which had secured the Filet property in 2018 when buying Leiner/Kika, also carried out an insolvency -like procedure and sold the project before the bankruptcy to Süba.

economic experts indicate the increasing importance of ESG criteria (environment, social, governance) for investment decisions. According to Wirtschafts , almost 50% of the respondents only invest in objects with positive sustainability reviews. This development could also be important for future investments in St. Pölten, since sustainability and digitization are considered decisive success factors of the future.

The challenges related to the “Rossmarkthöfe” are an example of the difficulties with which many projects fight in the current economic situation. It remains to be seen whether the city and potential investors can find a solution.