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Fresh Burlington Plaza dispute comes before High Court
Summary
A new dispute over the sale of a 25% share in the Burlington Plaza office block in Dublin 4 has been brought before the High Court. Coolbrook Developments, which owns 50% of the property, has sued Percy Nominees Ltd, the other shareholder, seeking injunctions to stop the sale until a mutually agreed third party is appointed to manage the process and to ensure the buyer is at arm's length. Coolbrook's complaint stems from a prior sale of Lington's Development Ltd's 25% share to Davy Target Investments plc, which Coolbrook alleges was conducted improperly and breached the co‑owners' agreement that requires arm‑length buyers. Coolbrook also claims that Davy or its subsidiaries were not arm‑length parties. Lawyers for Percy denied all allegations, arguing there was no evidence to support Coolbrook's claims. The court struck out the injunction application against Percy but allowed Coolbrook to re‑enter the proceedings with 24‑hour notice.
Who, what, where, when and why
What: Report matter: Fresh Burlington Plaza dispute comes before High Court. Procedural stage: hearing_or_decision
When:
- 2017-02-23 Publication
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