€30m penalty imposed on Nepi Rockcastle for ending sale agreement
But Nepi says the seller of two shopping malls in Poland failed to meet certain deal conditions, forcing Nepi to terminate the deal
01 February 2022 - 12:38
Nepi Rockcastle has been ordered to pay €30m in contractual penalties plus accumulated interest and arbitration expenses, for terminating the deal to acquire two malls in Krakow Poland in January 2019.
The owner of premier shopping centres in Central and Eastern Europe (CEE) argues that it terminated the deal when the seller failed to fulfil several conditions within timelines set out in the initial agreement, thus delaying the planned redevelopment, which has not started to date, the company said...
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