Centrum’s 25% unsecured loan to Uwe Reppegather raises concerns over risky real‑estate lending in Germany
Executive summary: Centrum granted a multi‑million‑euro loan to Uwe Reppegather at a 25% interest rate with no collateral, as reported by Handelsblatt on 23 July 2026. The loan terms are far above typical market rates and lack security, raising red flags about possible improper asset transfers and prompting possible regulatory action.
Who is involved: Centrum (real‑estate company), Uwe Reppegather (businessman), German prosecutors and financial regulator BaFin.
Likely next: Prosecutors are expected to continue their investigation, possibly filing charges; BaFin may launch a review of Centrum’s lending practices; the case could lead to fines or stricter oversight of high‑interest unsecured loans.
According to Handelsblatt, the real‑estate firm Centrum provided a multi‑million‑euro loan to businessman Uwe Reppegather at an annual interest rate of 25% without requiring any collateral. The loan is part of an ongoing investigation into alleged asset stripping before a subsidiary’s insolvency. Such high‑rate, unsecured lending is unusual in the German market and may attract regulatory scrutiny. The case highlights potential weaknesses in oversight of non‑bank lenders.
Timeline
- — Immobilien: 25 Prozent Zinsen, keine Sicherheiten: Centrum gewährte Uwe Reppegather Darlehen in Millionenhöhe (Handelsblatt)
Analysis — what this means
Sectors affected
- German commercial real‑estate lending
- Non‑bank financial institutions (special purpose lenders)
Regulatory implications
- BaFin may investigate Centrum for possible violation of the German Banking Act (KWG) regarding unsecured high‑interest loans
- Potential application of usury caps under German civil law (BGB § 138) if interest deemed excessive
- Possible referral to public prosecutors for suspected fraud or asset stripping under § 263 StGB
Historical parallels
- 2014 Rheinische Bank case: BaFin fined a bank €2 million for granting 15 %+ unsecured loans to property developers without adequate collateral
- 2008 US subprime mortgage crisis: widespread high‑risk, low‑documentation loans led to massive defaults and regulatory reforms
- 2015 Wirecard scandal: fabricated loan transactions and off‑balance‑sheet financing triggered criminal investigations and a €3.2 billion loss
Sources
- Immobilien: 25 Prozent Zinsen, keine Sicherheiten: Centrum gewährte Uwe Reppegather Darlehen in Millionenhöhe — Handelsblatt
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