DGAP-News: ORCO Germany wins Leipziger Platz litigation against HGHI
(firmenpresse) - DGAP-News: ORCO Germany S.A. / Key word(s): Legal Matter
ORCO Germany wins Leipziger Platz litigation against HGHI
25.11.2013 / 08:45
---------------------------------------------------------------------
ORCO Germany wins Leipziger Platz litigation against HGHI
Berlin, 25 November 2013. ORCO Germany, one of the leading real estate
companies in Berlin, wins its litigation against HGHI. On 14 November 2013,
the regional court of Berlin (Landgericht Berlin) dismissed all claims that
HGHI 1 LP GmbH and HGHI 2 LP GmbH, subsidiaries of High Gain House
Investments GmbH ('HGHI'), represented by Mr. Harald Gerome Huth, had
brought against a subsidiary of ORCO Germany, ORCO Immobilien GmbH ('ORCO
Germany'), regarding the Leipziger Platz development.
In 2007, ORCO Germany initiated the redevelopment and revitalization of the
remaining unfinished corner of Leipziger Platz so that it could become
Berlin's largest commercial project. ORCO Germany launched the urban
planning competition and obtained the approval of the building plan and
increased useable space. As a result of ORCO Germany's efforts, Leipziger
Platz could be developed.
Thereafter, in 2009 ORCO Germany sold the project to HGHI. As part of the
contractual obligations of the sale, HGHI must pay ORCO Germany EUR 30 Mio.
upon the sale and transfer of the Leipziger Platz entity or at the latest
by 9 June 2015. In addition, ORCO Germany deposited funds into an escrow
account to cover potential costs arising from pending third party
litigation associated with the Leipziger Platz project.
In 2012, HGHI claimed it was entitled to EUR 9 Mio. of the funds deposited
into escrow and sued ORCO Germany to release those funds to HGHI. ORCO
Germany argued that HGHI's claims were fully unfounded.
During live court proceedings held on 14th November with the parties
present, the regional court informed Mr. Huth that the claims of HGHI were
not legally justified and proposed to Mr. Huth a settlement proposal with
ORCO Germany, which Mr. Huth did not accept. As such, the regional court
terminated the conciliation hearing, dismissed with immediate judgement all
of HGHI's claims against ORCO Germany, and ordered HGHI to bear ORCO
Germany's costs of this proceeding. HGHI can appeal the decision.
ORCO Germany follows the development of the Leipziger Platz it initiated
with great interest and pride and looks forward to the full recovery of
both the escrowed funds and the EUR 30 Mio due at project sale. This would
enable us to further invest in our Berlin portfolio and to increase our
commitment to the German capital city.
About ORCO Germany
ORCO Germany S.A. is a property company that is listed in the General
Standard on the Regulated Market at Frankfurt Stock Exchange and has its
registered office in Luxembourg. The ORCO Germany Group, which acts
consistently under its registered name of ORCO Germany, has been operating
in Germany since 2004 and concentrates on commercial property and project
development.
ORCO Germany is a subsidiary of ORCO Property Group, which is one of the
leading Central European property companies. The ORCO Property Group,
established in 1991, is based in Luxembourg and has listings on NYSE
Euronext Paris, Prague and Warsaw stock exchanges.
For further information please contact:
Press-Contact:
Kirchhoff Consult AG
Sebastian Bucher
Herrengraben 1
20459 Hamburg
T +49 40 60 91 86 18
F +49 40 60 91 86 60
E sebastian.bucher(at)kirchhoff.de
End of Corporate News
---------------------------------------------------------------------
25.11.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------
Language: English
Company: ORCO Germany S.A.
42, rue de la Vallée
L-2661 Luxembourg
Grand Duchy of Luxembourg
Phone: +49 (0)30 390 93 116
Fax: +49 (0)30 390 93 199
E-mail: patricia.jaenisch(at)orco-gsg.de
Internet: www.orcogermany.de
ISIN: LU0251710041
WKN: A0JL4D
Listed: Regulierter Markt in Frankfurt (General Standard);
Freiverkehr in Düsseldorf, Stuttgart
End of News DGAP News-Service
---------------------------------------------------------------------
241409 25.11.2013
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 25.11.2013 - 08:45 Uhr
Sprache: Deutsch
News-ID 319794
Anzahl Zeichen: 14218
contact information:
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 474 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"DGAP-News: ORCO Germany wins Leipziger Platz litigation against HGHI"
steht unter der journalistisch-redaktionellen Verantwortung von
ORCO Germany S.A. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
