exclusive
Several property managers have invested savings of apartment owners in risky bonds. It is about million sums. According to research by BR and Hr In the meantime, owner communities in ten federal states fear their money.
Matthias Mitze holds a signing certificate for a bond from DR Deutsche Rücklagen GmbH in hand. Around 200,000 euros heavy. His property management, Kallmeyer and Nagel Vermietungs and Verwaltungs GmbH, has invested in the questionable bonds for the homeowners' community (WEG) in Hamburg. Without the owners. That is why Mitze and his neighbors write about a criminal complaint.
“The money comes from a loan that we have taken for renovation measures, so that in case of doubt we don't just have to pay back, but also have to pay twice.”
These and more than 20 others, which were supervised by Kallmeyer and Nagel, contacted the Hamburg lawyer Ulrich Husack. The lawyer overturns his talks alone, so far it has been around seven million euros.
The Hamburg District Court opened a temporary bankruptcy proceedings for Kallmeyer and Nagel on January 22, 2025. A week later, the property management informed its customers and the public that path money was flowed into bonds of German reserves.
After research by BR and Hr When it comes to high sums: up to 500,000 euros in cases in Hamburg, it is a little less on the way in the Schleswig-Holstein Pinneberg and in Eschborn in Hesse. A path in the Lower Saxony Seevetal is 900,000 euros and a large property in Cologne even assumes that more than one and a half million euros in savings will be in rows of German reserves.
Now affected in ten federal states
BR and hr had reported several times that property managers from the Wiesbaden Consigma group had bought the money from the German reserves from the WEG bonds. The alleged scandal expands through the bond transactions that have now become known with the money of Kallmeyer and Nagel customers.
The company based in Hamburg currently manages around 10,000 residential units with a focus in northern Germany. According to the research, the research is now afraid of their money in ten federal states: Hamburg, Lower Saxony, Schleswig-Holstein, North Rhine-Westphalia, Berlin, Saxony-Anhalt and Bavaria, Baden-Württemberg, Hesse and Rhineland-Palatinate.
Extent not yet foreseeable
DR Deutsche Rücklagen GmbH has apparently launched four bonds. A total volume of 141 million euros is targeted. It is currently not known whether a corresponding many bonds were actually drawn.
BR and Hr There are evidence that Kallmeyer and Nagel still drew bonds with a term by 2031 in June 2024. As early as March 2024, the Federal Financial Service Supervisory Authority (BaFin) had prohibited German reserves on their lending business and ordered the reversal. The latest research results therefore indicate that the bond business was continued afterwards.
Business network with a question mark
BR and Hr had uncovered a company network in 2023, which apparently served the management of path money. Like rEPort Munich In April 2024 reported, there are close economic and personal integration between the shareholders of the DR Deutsche Rücklagen GmbH and the property management company of the Consigma group.
In the past, the homepage of the German reserves showed that two managers would significantly control the company network. Both have now withdrawn from corporate management. The network itself seems to be in a resolution. The German reserves recently paid the BR and Hr known path neither terminated bonds nor due interest for the past year.
For February 13, the German reserves invited to a meeting of creditors at the headquarters in Frankfurt. This emerges from the Federal Gazette. According to the Agenda, the German reserves want to change bond conditions. The creditors are proposed, among other things, interest changes and longer terms.
There are also connections to Kallmeyer and Nagel: a managing director used to work as a consultant for the Consigma Group. He is sole partner of the Hamburg property management company through intermediate companies and has personally signed drawing certificates for bonds from German reserves.
Allegations are rejected
The insolvency administrator of Kallmeyer and Nagel has commissioned a PR agency to communicate. This states that it is currently not able to comment on the facts. The former manager, who is considered the key figure of the Consigma Group and the German reserves, rejects all allegations.
The current managing director of the German reserves emphasizes that he had only taken over the position for a limited period. He should not comment on internal. According to his investigations, money from the bond had never been used contrary to the bond conditions. The managing director was the supervisory board of Consigma Holding AG until July 2024.
Bond purchase does not correspond to the case law
The WEG law and the case law specify that so-called maintenance reserves, simplified savings, are created by WEG and must be available at any time. According to experts, both are not the case with bonds of DR Deutsche Rücklagen GmbH. In the meantime, the first corresponding judgments are also available.
The property managers have the necessary consent of all owners for such an unusual investment in the BR and Hr known cases not obtained. Instead, many apartment owners report that they felt deceived, the investment in the bonds had been obscured.
Economic experts The Frankfurter Public prosecutor on the train
The main affair for business criminal matters in Frankfurt am Main has been involved since December 2024. They have already bundled the Hessian investigation, the procedures from other federal states are to follow. Chief Prosecutor Dominik Mies said that the investigative authority currently had criminal complaints from more than 20 homeowner communities.
According to information from BR and Hr Criminal advertisements against Kallmeyer and Nagel are also centralized and checked at the Frankfurt priority prosecutor. Previously, several public prosecutors in Germany had determined individual path cases. The presumption of innocence applies.
