The investment fund Lone Star has filed for arbitration at the International Chamber of Commerce against CaixaBank. According to El Confidencial, the investment vehicle is claiming from the Catalan bank the repurchase of assets worth 257 million euros.
Lone Star paid four billion euros for 80% of CaixaBank’s assets, valued at €7 billion. The contract included a clause allowing it to return assets under certain conditions. It has reached agreements worth €37 million during this time, while Coral Homes (a company formed by Lone Star) has sold off €72 million in assets.
The arbitration was filed on July 3 last year by Coral Homes and rejected by BuildingCenter, the company that owns CaixaBank’s assets, on September 21. After this, the corresponding tribunal was constituted on November 6. Lone Star presented its final claim on February 6.