International Real Estate (IRE) has said its long-running legal wrangle with Oaktree Capital Management had been amicably settled out of court.
IRE, the FTSE-listed company which invests in mainland European property, has been embroiled in litigation with joint venture partner Oaktree Capital Management, and former employees of the joint venture since 2001, suing it for €18.7m (£13.8m) for varying the partnership terms.
Oaktree and former employees had threatened to countersue for the same amount.
The group said today’s settlement would have no negative impact on the results for the year.
Rolf L Nordstrom, Chairman: “We are very pleased to put the litigation behind us and focus on our core business activities.
“We are active in the German property market and especially Berlin where we see good potential for rental growth and capital returns.”
References: EGi News 20/01/06
