JR Global REIT Sues Lenders in London Over Finance Tower Valuation Dispute
South Korean real estate fund JR Global REIT has filed a complaint in the High Court in London against lenders Pimco and Legal & General (L&G). The fund, which recently sought creditor protection in Seoul due to an inability to repay short-term debts, alleges that the lenders exerted undue pressure to lower the valuation of its flagship asset, the Finance Tower in Brussels. Acquired for €1.2 billion in early 2020, the tower's value has reportedly been contested following the pandemic-induced slump in office real estate. JR Global REIT claims Pimco and L&G pressured initial valuer Knight Frank to reduce the estimate below €950 million, leading Knight Frank to withdraw. A subsequent valuation by JLL placed the property at approximately €920 million, a figure the fund deems unreasonably low. The lawsuit aims to prevent creditors from blocking rental income streams. This legal maneuver is part of broader financial distress involving €40 billion won in unpaid debts, with the fund blaming the Belgian asset's depreciation for its liquidity crisis. The accused parties have declined to comment on the ongoing litigation.
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