Neo Plaza owners contest auction of property

14:55 - 23 August 2023

Real Estate

The owners of the Neo Plaza shopping centre have begun legal action against Astrobank's intention to sell, through an electronic auction, the property and business, claiming, among other things, that the amount of €17 million should be set as the minimum market value of the property.

An announcement from the law firm Polykarpos D. Petrides & Co., representing the owners, states that they are legally questioning the right of the mortgagee, i.e. the Bank, to initiate auction procedures for the sale of the property because they believe the relevant legislation has not been observed. The announcement also said they are calling into question the right of the mortgagee to proceed with an attempted sale of the property by auction or otherwise, while also characterising the current minimum reserved value of €10,500,000 as "degrading." The announcement goes on to say that the Neo Plaza owners claim legal damages, through a lawsuit they registered on 21 August 2023 at Nicosia District Court, both against the Bank and against the Administrator/Receiver appointed by it, with the amount of at least €17,000,000 to be set as the minimum market value of the property. Finally, the announcement from the owners' the legal advisors states that the final decision will be made by the Court both on the issue of the Compensations they are claiming and on the issue of the promoted Auction process.

The announcement can be seen, in Greek, below:

(Source: InBusinessNews)

Neo Plaza owners contest auction of property

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