NE Property Obtains Settlement in LCIA Arbitration

Skadden obtained a favorable settlement for NE Property BV in the London Court of International Arbitration concerning the impact of COVID-19 on its sale of a €300 million commercial real estate portfolio in Romania. Citing COVID-19, the buyer argued that it was not required to complete the deal that the parties had negotiated and signed before the outbreak. Skadden filed claims under English law in the arbitration to enforce our client’s rights as seller, leading to a settlement under which the buyer agreed to acquire the portfolio at the original deal price.