Straelen, 10 January 2024 – Tecklenburg GmbH today filed an application to open insolvency proceedings with the competent district court in Kleve. The decision was unavoidable as a result of the current developments in the construction industry, which are accompanied, among other things, by a collapse in demand in residential construction. The district court will now appoint a preliminary insolvency administrator, who will thoroughly analyse the situation and, together with the management, examine various options for restructuring. The impact of past and current crises has led to considerable strain on the real estate sector – The main causes to be cited here are the general developments in the construction industry, a lack of predictability and reliability on the political side, which deters both institutional and private investors and clients from investing, alongside investment restraint due to increased interest rates, the rising cost of building materials, broken supply chains and material shortages, insufficient government support as well as bureaucratic challenges that draw construction projects out. This has led to even a company of long standing such as Tecklenburg GmbH, which has existed for 146 years, running into difficulties. In particular, the sale of an already completed major project was firmly planned for the end of 2023 but could not be realised so far. Increased interest rates and adjusted return expectations have unsettled the global investors and forced them to hold back. To bridge the resulting liquidity shortfall, Tecklenburg GmbH decided to file an application for insolvency with the competent district court. Despite these challenges, the management emphasises the positive prospect of continuing the company. Hermann Tecklenburg's declared goal is to continue the company and to complete all construction projects in the assured quality and on schedule. The good order and project backlog forms the solid foundation for a successful restructuring within the framework of the insolvency proceedings. Tecklenburg GmbH plans to actively use this phase for a restructuring. The focus will be on a long-term, viable realignment of the company. The insolvency also affects the group companies Tecklenburg Projektentwicklungs GmbH as well as the project companies IG Dortmund Eastgate GmbH & Co. KG and IG Ratingen Wallstraße GmbH & Co. KG.
About Tecklenburg GmbH: Tecklenburg GmbH is a medium-sized, family-run company headquartered in Straelen. The company of long tradition looks back on a 146-year history in the real estate sector. Step by step, the construction company has developed from a general contractor into a diversified real estate company offering construction, development and management services for its own projects as well as on behalf of third parties. Then as now, the aspiration to flexibly serve all building blocks of the property through its own resources and to cover the entire value chain of the real estate process is put into practice. The group of companies currently employs around 140 staff. Internet: www.tecklenburg-bau.de Press contact: Contact person: Eva Engelbrecht Tecklenburg GmbH E-mail: presse@tecklenburg-bau.de
This article was originally published in the Tecklenburg GmbH news archive.
