A Munich-based property developer said on Friday it had filed to open insolvency proceedings with a local court, in the latest sign of stress in Germany's real estate sector.
Euroboden GmbH, with 115 million euros in bonds outstanding and facing possible downgrades in its credit rating, said in a statement that negotiations for property sales had fallen through, hurting its finances.
"The market outlook for project developers continues to be negative," Euroboden said, citing high construction costs and interest rates, a slump in demand, and difficulty in getting credit. Euroboden was founded in 1999 and expanded to Berlin and elsewhere during a decade-long property boom.
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