Dutch developer Certitudo Capital Group has filed for bankruptcy after its residential fund was declared bankrupt by the District Court of Oost-Brabant.
The Court appointed both administrators, WJG Smits (Watson Law) and ICJC van de Klundert (Taylor Wessing), as trustees, the company said in a brief statement on its website.
The court revoked a moratorium for the Certitudo Residential Growth Fund, which was granted on 22 August, as reported. The administrators concluded that “during the moratorium period (re)financing in a timely manner proved impossible”, said the developer.
Hit by rising construction costs and interest rates, Certitudo has been locked in talks with its lenders for months, as first reported by CoStar News in March. It hired financial advisor Adelaer to advise on a number of projects, which were financed by big-name lenders, as reported.
After applying for the moratorium, the developer offered a 75%stake in the company for swapping €90 million of debt.