Datum: 27.10.22
Whitefield becomes the majority shareholder in the struggling Harfid Holding.
The holding company of the Whitefield Group is becoming the majority shareholder in Harfid Holding. This move is accompanied by a restructuring of the integrated project development and general contracting company, setting the course for the future. “Whitefield’s involvement offers us an excellent opportunity to align Harfid Holding with the future during these times. This not only expands our scope for action but also allows us to benefit from the extensive experience and expertise of our new shareholder,” explains Dr.-Ing. Harfid Hadrovic, founder and CEO of the company.
With the entry of the new majority shareholder, debt restructuring has already been carried out at Harfid Holding, and the restructuring of the financing has been initiated. Furthermore, Harfid Holding is set to be restructured. In order to continue the ongoing projects, the respective construction sites will be gradually reopened in the coming weeks.
Discussions are currently being held with the insolvency administrator of Harfid GmbH, a construction subsidiary of Harfid Holding, which is in preliminary insolvency proceedings. “As a long-term investor, our involvement aims to expand our activities as a project developer and asset manager, especially in North Rhine-Westphalia,” explains Eda Manav, board member of Whitefield. Whitefield’s goal is to build its own real estate portfolio in North Rhine-Westphalia through this process.
In this context, it is especially important for Whitefield to maintain the overall structure of Harfid Holding and, together with the employees, to promptly complete the ongoing projects. Whitefield is a family-owned, medium-sized company operating across Europe. Since 2020, Whitefield Investment AG, as the holding company of the Whitefield Group, has been 100% involved in its subsidiaries: Whitefield Real Estate GmbH, Whitefield Construction GmbH, Whitefield Landbanking Fund GmbH, and Whitefield Capital GmbH. Since 2020, the company has invested nearly 680 million euros in real estate, projects, and properties in Germany. Additionally, Whitefield invests in the German real estate market through a fund company approved by the German Federal Financial Supervisory Authority (BaFin).
