Property company files for insolvency in Carinthia

PK Immobilien Holding GmbH, a property company based in Seeboden am Millstätter See, has filed for insolvency, ORF reported, citing creditor protection associations. The company has liabilities of more than 4.7 million euros and 24 creditors, including two employees.

Creditreform said the company was founded in 2006 to provide services for the construction and operation of rental properties. It later increasingly focused on investments in other companies and specialised development services.

From 2018, PK Immobilien Holding invested in project companies involved in Austria’s largest private health centre and high-quality housing projects in Vienna.

The company attributed its insolvency to more than six years of exceptional circumstances following the Covid pandemic, according to the creditor protection association KSV 1870. Lockdowns, delays by authorities, sudden interest-rate changes, soaring construction costs and a significant decline in demand from buyers and investors had caused substantial setbacks in the sector from 2024 onwards.

The worsening market crisis from the beginning of 2026 led to insolvencies among housing projects, the company said. This resulted in further write-downs of its project investments from the second quarter of 2026.

The company’s assets consist of co-ownership interests in properties and various investments, but their value cannot currently be determined precisely, KSV 1870 said. The insolvency administrator will assess whether continuing the company would be economically viable in the creditors’ interests.