Royal BAM Group nv wishes to announce in reference to publications in the German press that it has a claim against AGIV Real Estate AG in Hamburg, Germany.
The demandable claim is approximately €15 million. The claim may rise further to a maximum of approximately €35 million in 2007. BAM and AGIV are discussing the matter.
AGIV sold construction company Wayss & Freytag to Hollandsche Beton Groep nv at the end of 1996. As part of this sale, AGIV took over from Wayss & Freytag obligations arising out of lease guarantees. These guarantees related to projects that were developed by Wayss & Freytag before 1997 whereby the purchasers were guaranteed a certain lease return.
AGIV has failed to comply with its obligations to Wayss & Freytag since 2003. In its legal proceedings, Royal BAM Group (owner of Hollandsche Beton Groep nv since November 2002) has to date successfully claimed fulfilment of the obligations of AGIV to Wayss & Freytag in the German courts.
Source: Royal Bam