BaFin warns: Gallus Immobilien and Amagvik Int. AG in danger!

BaFin warns: Gallus Immobilien and Amagvik Int. AG in danger!

On July 2, 2025, BaFin published a clear warning regarding Gallus Immobilien Gesellschaften and Amagvik Int. AG. The accusation: There is suspicion of a violation of the prospectus requirement, since participation certificates from Amagvik Int. AG were offered without the required approved prospectus. BaFin emphasizes that securities may not be marketed publicly in Germany without a prospectus approved by it, which is why the suspicion is serious.

There are no accompanying indications that could indicate an exception to this prospectus requirement. Providers and issuers are liable in accordance with Section 14 b WpPG for non-publication of a prospectus. It should be noted that in the prospectus approval process, BaFin does not check the accuracy of the content of the prospectus information or the seriousness of the issuer; It only assesses whether the prospectus contains the minimum information required by law and whether the content is understandable and coherent, as BaFin specifies.

Background information on the Gallus real estate companies

The Gallus Group was previously active as a cooperative and had raised funds from investors for real estate projects in Switzerland. However, due to problems with BaFin, the cooperative was liquidated and interest and repayments to investors were suspended. As a result, investors were pressured to convert their cooperative shares into subordinated loans to the Gallus real estate companies.

The liquidity problems of the Gallus Immobilien companies have already led to the insolvency of GIK 2 GmbH & Co. KG, and in May 2023 BaFin prohibited the sale of the Gallus Immobilien Wohnbau 1 GmbH & Co. closed InvKG and the Gallus Immobilien Wohnbau 2 GmbH & Co. closed InvKG. Investors were addressed at information events to convince them of a new concept for converting subordinated loans into the participation certificates in question, but critical questions from investors remained unanswered.

Recommendations for affected investors

BaFin warns affected investors not to agree to the conversion concept. It is advisable to have a lawyer examine the possibility of claiming damages. BaFin adds that violations of the prospectus requirement can be punished with fines of up to five million euros or up to three percent of the total turnover of the last financial year. In special cases, fines can even be imposed up to twice the economic benefit from the violation. Consumers should therefore always make investments in securities based on all the necessary information in order to protect themselves.

All information regarding the filing of an approved prospectus can be viewed in BaFin’s “Deposited Prospectuses” database. It is also advisable to send information about questionable providers to BaFin's whistleblower office in order to minimize possible damage in the future.

For further details and information, the original articles are below anwalt.de and BaFin to find.