Evia Real Estate is instituting legal procedures against Redevco Netherlands and the German IBI Real Estate. Last week IBI Real Estate sold its Dutch portfolio to Redevco Netherlands for Ã¢âÂ¬ 60 mln. Last year however IBI had signed an agreement for the sale with Evia.
According to EviaÃ¢â¬â¢s lawyer Hans Jurgens nullification will be called upon the acquisition agreement between Redevco Netherlands and IBI Real Estate. Evia will also claim compensation for lost income and costs made. This week Redevco bought the Dutch portfolio of the German IBI Real Estate.
From correspondence between the lawyers of Evia and IBI Real Estate it appears that both parties unilaterally have dissolved the agreement made in 2002 in July. However both parties are demanding compensation. Evia started a procedure against IBI Real Estate last fall demanding fulfilment of the contract. Evia director Egbert Hennen: Ã¢â¬ËWith IBI we had agreed to a delivery of the buildings in four parts. That was changed at some point in time: we had to take all the buildings at once. Unilaterally they changed the terms of delivery. That is not possible.Ã¢â¬â¢ The main issue in the procedure therefore is maintaining the terms of delivery and living up to the contract. Because of the buying agreement between IBI and Redevco Netherlands, this demand is no longer applicable. EviaÃ¢â¬â¢s lawyer Jurgens: Ã¢â¬ËIBI Real Estate is now an Ã¢â¬ËemptyÃ¢â¬â¢ company. ThatÃ¢â¬â¢s why we are also starting a procedure against Redevco.Ã¢â¬â¢ They are however said to be safeguarded from claims.