Arab Today, arab today aci buyers team up in legal bid to revive celebrity towers
Last Updated : GMT 01:44:06
Arab Today, arab today
Arab Today, arab today

ACI buyers team up in legal bid to revive celebrity towers

Arab Today, arab today

Arab Today, arab today ACI buyers team up in legal bid to revive celebrity towers

Dubai - Arabstoday

German investors are hoping to kickstart three celebrity-branded real estate projects in Dubai after pursuing legal action against the developer for what they claim is fraud. The group, which claims to represent more than 3,000 buyers, wants to band together with UAE residents who invested in real estate schemes backed by Alternative Capital Invest (ACI), in a bid to press ahead with the stalled properties. “We want to combine the interest from the local investors in Dubai with the investors here from Europe to realise the projects. We think that is the only way how we can give back the money to the investors,” group spokesperson Rainer Regnery told Arabian Business. “There are already 400 cases here in Germany against ACI – it’s a big fraud. We have two opportunities for investors; one is to do with the lawsuit, the other side is to realise the projects.” ACI unveiled its plans for three celebrity-branded towers at the height of Dubai’s five-year property boom in 2008, fronted by its CEO Robin Lohmann, Michael Schumacher Business Avenue, Boris Becker Business Tower and Niki Lauda Twin Towers were to be built in the city’s Business Bay district, to include residential, retail and office space. ACI’s website describes the development as “truly fit to be named after a legend”. All three towers stalled following the collapse of Dubai’s property market in late-2008, which saw speculators flee the market and house prices slump more than 60 percent from their peak. ACI filed for bankruptcy on four of its seven property funds in September 2010, according to German media reports. The firm’s website still lists 11 projects that it says are under development, with another six being undertaken by “third party developers”. The property funds were launched in 2004, with investors believed to have paid $75m into them. In an email, the ACI investor group said it had a number of European companies interested in relaunching the stalled Dubai towers.  “Our objective is to get ownership of ACI projects in Dubai, to realise them and bring them to market together with joint venture partners,” the email said. “We believe that this is the only way to save our invested money.” The group has the full support from Michael Schumacher, Boris Becker and Niki Lauda, Regnery said. Boris Becker told Arabian Business in February he was unsure whether he was still involved in the project the bears his name. “I have to think about it, because I believe the deal was three or four years old and I’m not sure whether I’m still involved,” he said. “The name is still on it, but whether I’m personally involved? I don’t think so.” Becker is not the only star to have distanced himself from the project. Ex-Formula One racing driver Niki Lauda told Arabian Business last year that had hadn’t heard from the developer since the launch of the project in December 2007. “Who is he? No, I only met him once, when I was there in the beginning and I haven’t heard from him since then,” he said. Lohmann in 2009 hit back at claims that the projects were being cancelled and that investors would lose their cash, saying: “For me there is no chance I will do a hit and run. You know why? Because I haven’t even collected the money I have invested and spent here. I’m not going ahead and losing AED500m ($136.1m), it’s not the way.” Lohmann could not be contacted for comment.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aci buyers team up in legal bid to revive celebrity towers Arab Today, arab today aci buyers team up in legal bid to revive celebrity towers

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aci buyers team up in legal bid to revive celebrity towers Arab Today, arab today aci buyers team up in legal bid to revive celebrity towers

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Silent Republicans have their reasons

GMT 16:55 2017 Thursday ,19 October

Silent Republicans have their reasons
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Hussein Fahmy happy for honoring in festival

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday