Nepi Rockcastle begins arbitration over sale of Romanian portfolio
It signed a non-binding memorandum of understanding with AFI Europe on Sunday, property group says
Property group Nepi Rockcastle has entered into a non-binding agreement and initiated arbitration proceedings over the sale of its Romanian office portfolio, it said on Monday.
The group signed a non-binding memorandum of understanding with AFI Europe, a wholly owned subsidiary of Africa Israel Properties, on Sunday, after a breach of agreement on the sale of the portfolio earlier this year, the group said. “Pursuant to which, under certain conditions, the parties may terminate the arbitration and enter into a new binding agreement regarding the disposal, based on the pricing and other terms of the original transaction subject to any requisite amendments required in relation to the payment dates and completion,” it said...
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