WCM faces € 79.5m legal claim from Sirius over IVG stake sale proceeds (DE)

WCM Beteiligungs- und Grundbesitz AG said shareholders of the insolvent Sirius Beteiligungsgesellschaft mbH have filed a suit claiming 79.5 mln eur from the company over proceeds from the sale of a stake their IVG Immobilien AG affiliate.

The MDAX-listed real estate and equity holding company considers the claims unfounded, a spokeswoman said.

When Sirius filed for insolvency last year after its creditor banks declined to extend its loans, it held a 49.9 pct stake in MDAX-listed real estate company IVG. That stake was sold to several banks in February to cover monies owed to the banks by Sirius and WCM.

At the time, Amsterdam-based Rebon BV was in the process of buying a 42 pct stake in Sirius from WCM. WCM held 45 pct of Sirius while a further 13 pct was held by five other partners.

Source: Freeman

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