Large construction projects in Leipzig, Magdeburg, Halle and Erfurt are continuing for the time being despite the insolvency proceedings at the central German real estate developer AOC. As the cities announced on request, there is currently no information that construction projects will be paused or postponed. The city of Erfurt, for example, stated that it was assumed that the project would be continued and completed in an orderly manner.
The project developer "AOC - Die Stadtentwickler" is one of the largest project developers in the eastern German federal states. In its last consolidated balance sheet last summer, the company reported assets of almost 250 million euros. The group includes numerous subsidiaries for construction projects. Most recently, AOC has reported losses in the millions in the financial years since 2021. At the end of September, the Magdeburg-based company filed for insolvency under self-administration due to its inability to pay.
AOC was also a sponsor on the jerseys of Bundesliga soccer team RB Leipzig. As a project developer, the company's activities include the purchase, development, letting, management and sale of real estate.
