HALIFAX, Nova Scotia, August 4, 2011 /PRNewswire/ --
- Shares issued: Class A - 17,034,489 Class B - 3,104,838
(TSX: HII.A HII.B) (AEX:HII) - Homburg Invest Inc. ("HII") announced today that further to the termination of the master property and asset management agreement between HII and Homburg Canada Incorporated ("HCI") announced on July 29, 2011, HII received a claim for damages from HCI, for a non-specified amount. Such claim is made in reference to a formula under the management agreement pursuant to which a termination fee is payable upon termination in certain circumstances. However, HII terminated the management agreement as a result of a breach by HCI of its obligations under the agreement, and as such holds the position that no termination fee is payable to HCI and intends to contest HCI's claim.
As indicated in its press release issued on July 29, 2011, HII will oversee the transition of management services resulting from the termination of the management agreement with HCI. Details of any new property and asset management arrangements or the further internalization of the management function will be provided in due course. HII will continue to communicate with investors as developments warrant.
About Homburg Invest
Homburg Invest, with its head office in Halifax, Nova Scotia, owns and develops a diversified portfolio of quality real estate including office, retail, industrial and residential apartment and townhouse properties throughout Canada, the United States and Europe.
For further information:
Paul de la Plante
NATIONAL Public Relations
SOURCE HOMBURG INVEST INC.