Immoeast will have to pay this amount following the verdict rendered this month by the Court of Arbitration, since the investment fund refused to pay the costs related to the due diligence process.
“We did not reach an agreement with Immoeast regarding the payment of the amounts related to the due diligence process, after they forwent the acquisition, and this is why the case was taken to the Court of Arbitration. The initial sale price for North Gate was some €75 million,” Marius Ivan told Business Standard.
Immoeast began facing serious financial problems as of the first quarter of 2008, and is one of the investors most affected by the financial crisis. “We did indeed negotiate with Marius Ivan to acquire an office building in Pipera. We did not agree on a price and the deal is off,” said Gunther Bukor, Managing Director of Immoeast.
The North Gate building was finalized in 2007, following a €21 mln investment, and has a rentable surface exceeding 20,600 square meters and 540 parking spaces.
