Homburg Invest receives claim for damages from HCI
(Thomson Reuters ONE) -
Shares issued: Class A - 17,034,489 Class B - 3,104,838
HALIFAX, Nova Scotia. August 30, 2011 - (TSX: HII.A & HII.B and NYSE Euronext
Amsterdam: HII) - Homburg Invest Inc. ("HII" or the "Company") announced today
that it has received a claim for damages totalling approximately $27 million
from Homburg Canada Incorporated (HCI) as compensation for the termination by
HII of the master property and asset management agreement between the Company
and HCI.
HII maintains that it terminated the agreement as a result of breaches by HCI of
its obligations under the agreement, and as such holds the position that no
compensation is payable to HCI. The Company rejects the claim for compensation
and will vigorously contest it, should the matter come before the Courts.
About Homburg Invest
Homburg Invest Inc. owns and develops a diversified portfolio of quality
commercial real estate including office, retail, industrial and development
properties throughout Europe and the United States, as well as 23.1% of the
units of Homburg Canada Real Estate Investment Trust. The head office of the
Company is located in Halifax, Nova Scotia.
-30-
For further information, please contact:
Caroline Martel
NATIONAL Public Relations
(514) 843-2313
PDF version of the press release:
http://hugin.info/138798/R/1542448/472150.pdf
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Homburg Invest Inc. via Thomson Reuters ONE
[HUG#1542448]
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