Reported 6 months ago
The Korean owners of Frankfurt's prominent skyscraper, Trianon tower, have defaulted on a loan connected to the building, leading to potential insolvency proceedings. The investors had been in talks with lenders to restructure the debt but failed to reach an agreement, with the fund managed by IGIS Asset Management confirming the default. Korean investors focusing on European properties have been impacted by the commercial real estate market downturn due to rising interest rates. The Trianon tower's value has also been negatively affected by the departure of a key tenant and challenges in selling or refinancing the property.
Source: YAHOO