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Neugebauer insolvency case: future of Vienna's construction projects in uncertainty
What will happen to the LNR Group's construction projects after Lukas Neugebauer's bankruptcy? A look at the construction sites in Mariahilf and Neubau, as well as helpful tips for buyers.
Neugebauer insolvency case: future of Vienna's construction projects in uncertainty
Developments in the Viennese construction industry are taking an unexpected turn. A few weeks ago, the personal bankruptcy of real estate entrepreneur Lukas Neugebauer became known, which raised concerns about the progress of his construction sites. Neugebauer was previously managing director of the LNR Group, which caused a stir with several important construction projects in Vienna, including Zollergasse 31 in the 7th district and Amerlingstrasse 7 in the 6th district. Residents and interested parties are wondering what will happen next with these projects.
Gerald Göllner and Stefan Neugebauer are the new managing directors of the LNR Group following the bankruptcy filing. In an official statement, the company clarified that all ongoing projects will continue as planned despite this restructuring. The company headquarters remains under LNR Real Estate GmbH, while the operational business has been transferred to LNR Asset Management GmbH as well as LNR Evolution GmbH and LNR Beteiligung GmbH. This reorganization is intended to ensure stable execution of the construction projects.
The role of Neugebauer
Although Lukas Neugebauer remains a shareholder, it is unclear how his bankruptcy could affect ongoing construction activities. Inquiries about the status of the projects in Mariahilf and Neubau have so far remained unanswered. A spokesman for the company explained that Amerlingstrasse 7 was no longer part of the LNR Group - but the public display of this project on the company website raises questions.
A more detailed examination of the company documents shows that Amerlingstrasse 7 is actually assigned to its own project development company, whose managing director is still Lukas Neugebauer. Similar structures also exist for other addresses such as Zollergasse 31, which are also organized in their own GmbH. In addition, LNR Real Estate GmbH and the GmbHs associated with it are not insolvent, which gives the development some stability.
Recommendations for potential buyers
Given the uncertainty surrounding construction projects, it is important for potential buyers to be informed. Housing expert Peter Nemeth emphasizes that developers are allowed to offer apartments despite bankruptcy. Therefore, buyers should be careful and take basic precautions. A notary can help draw up a solid contract, although it is advisable to link payments to construction progress. “This is how buyers protect their invested money,” advises Nemeth.
These developments come within the context of broader trends in the real estate industry, with the abrupt bankruptcy of a developer often having far-reaching consequences for the construction industry and paying customers. For more information on this topic, see a comprehensive report on www.meinkreis.at.