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German Landlord Demire Says Subsidiaries to File for Insolvency

July 22, 2024, 1:03 PM UTC
Giulia Morpurgo
Giulia Morpurgo

Four subsidiaries of German landlord Demire Deutsche Mittelstand Real Estate AG are filing for insolvency after failing to repay a loan.

The property companies couldn’t reach an agreement with creditor DZ HYP AG for a standstill or orderly repayment of an €82 million ($89 million) loan that was due on June 30. The four property companies will therefore file an insolvency application, Demire said in a statement on Monday.

The loan had been taken out to finance the Limes real estate portfolio, which includes four office buildings in German cities ranging from Essen to Cologne and was acquired by Demire ...

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