#ON HOLD: NIKI LAUDA TWIN TOWERS, 33F+30F Com

[rallyman]

where did this info come from ??

[cayman1]

Originally Posted by rallyman

where did this info come from ??

ACI web site ,

[rallyman]

i just visited the site and saw some sewage tankers dumping into it ... its about 4 ft deep undewater now i dont know how long they have been doing this but it would make a a very unworthy photo if 234 or imre are in the area worth a quick visit ! not a pretty site (!)

[234sale]

http://www.skyscraperlist.com/showth...-33F-30F-Com-m

Going in about 30minutes to check it out..

[Parisian Girl]

By Claire Ferris-Lay | Tuesday, 16 November 2010 12:25 PM


Ex Formula One racing driver Niki Lauda

Ex Formula One racing driver Niki Lauda has denied knowing Robin Lohmann, the man who he co-launched the Niki Lauda Twin Towers real estate project with in Dubai three years ago.

Speaking to Arabian Business, Lauda claimed he had only met the CEO of Alternative Capital Invest, the developer behind a string of now-stalled Dubai property projects, on one occasion.

“All I did was give my name to a builder in Dubai but unfortunately they are in a mess,” he said on the sidelines of the Abu Dhabi Grand Prix.

“I don’t know exactly what the details are because I have nothing to do with bringing the tower up, this was the builder who did it.”

Asked if he was still in contact with Lohmann, the three-time F1 world champion said he 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 told Arabian Business.

German developer ACI launched a string of celebrity-branded towers in Dubai in 2007, including Michael Schumacher Business Avenue, Boris Becker Business Tower and Niki Lauda Twin Towers.

The project, to be built in Dubai’s Business Bay district, spanned two 29 and 26 storey skyscrapers and was designed to include retail and office space,

ACI’s website describes the development as “truly fit to be named after a legend”.

The Austrian-born F1 driver attended a high profile launch of the towers at Dubai’s Al Qasr Hotel in December 2007, where he told reporters he had been won over by the project.

“Robin approached me with this idea and I was very impressed. The property market here is booming so it is nice to be part of it in some way,” he said.

“It is something different, something new and something that I think will make our investors a lot of money,” said Lohmann at the time.

Construction on all three branded projects stalled last year, following the collapse of Dubai’s real estate market.

ACI’s website still lists 11 projects that it claims are under development, with another six being undertaken by “alternate third party developers”.

In September, ACI Real Estate filed for bankruptcy on four of its seven property funds. Payments were due in March last year but did not materialise.

Shortly after, Lohmann told Arabian Business that giving money back to investors in ACI’s real estate projects was “not an option.”

“The money has been invested in the land, which is fully paid for, and the money has been spent in the development, which is normal - the contractor and suppliers are not working for free,” he said.

Last year Lohmann hit back at claims that the projects were being cancelled and that investors would lose their cash. “For me there is no chance I will do a hit and run,” he said. “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.”

Arabian Business

[unknownpleasures]

Dubai 'German sports star towers’ backer in bankruptcy

Bradley Hope

Last Updated: Jan 16, 2011

Financial backers of a Dubai developer that aimed to build towers named after German sports stars including the Formula One driver Michael Schumacher and the tennis champion Boris Becker have declared bankruptcy in Germany.

Dubai-based investors in properties from the developer Alternative Capital Invest (ACI) have received notices in the past week to file claims as part of the liquidation of several funds in Germany set up to allow investors to take advantage of Dubai's property boom.

The bankruptcy proceedings of those funds will provide an important guide for how property developments with complex financing arrangements and ownership structures are dealt with as thousands of legal cases over property go through the courts here and abroad, lawyers say. It will also shed light on how successfully foreign courts can compel UAE companies to hand over assets.

ACI was known as one of the brashest developers in Dubai's property boom. It launched several celebrity-endorsed buildings, including towers named after Schumacher and fellow F1 driver Niki Lauda. But none of its 17 projects have been completed.

ACI funded its projects through direct sales and several investment funds in Germany, where a founder of the company, Robin Lohmann, is from. Since 2008, cases have been filed against those funds and ACI in Dubai as investors clamoured for the return of their money or completion of the buildings in which they invested.

Valeri Babak, an investor in the stalled Victory Bay tower in Business Bay, said he received a letter from the liquidator of the fifth of seven funds in Germany asking him to file a claim for what he is owed. The fifth fund, called Alternative Capital Invest GmbH & Co. V. Dubai Tower KG, was associated with Victory Bay.

The letter said the "insolvent" fund was being liquidated and the local court of the city of Bielefeld in Germany was overseeing the distribution of the company's assets.

Mr Lohmann, the managing director of ACI Real Estate in Dubai, did not answer calls or e-mails yesterday. German prosecutors told The National in September that they were investigating the management of ACI amid allegations of fraud and breach of trust.

Ludmila Yamalova, a managing partner at HPL Yamalova & Plewka in Dubai, said the impact of the case was still unclear, but the fact that Dubai buyers were starting to receive notices meant legal progress was being made.

"We are trying to understand what this means for people who invested in these buildings," she said.

"What is interesting is that the fund in Germany is being liquidated, but direct buyers of properties in Dubai are being notified as well. We interpret that as ACI Dubai also being insolvent."

Ms Yamalova said the courts were beginning to see the first official bankruptcy proceedings for property developers.

Investors were closely watching the first liquidation in the country for guidance on how the system woud handle redistributions of assets from insolvent companies. Al Murjan Real Estate in Umm al Qaiwain filed for liquidation in November, blaming an inability to get government planning approvals. It collected millions of dirhams in deposits from investors for the US$3 billion (Dh11bn) White Bay project on two islands in the emirate.

Mr Babak, the investor in Victory Bay, said he would file a claim with the liquidator in Germany but did not believe he would see any of the $800,000 he paid to ACI.

"I've been talking to them for two years and nothing has happened," he said. "I don't think they have any more assets. All we have been able to do is send letters."

Source: http://www.thenational.ae/business/p...-in-bankruptcy

[rmpkay]

Dear All,

ATTENTION – Owners of Property in Niki Lauda Tower in Dubai Business Bay

The project as you are well aware has not even started construction, other than the foundations and currently is indefinitely delayed. We are also a purchaser in the tower, and we have placed a block on the land to stop anyone from constructing on it other than for the intended purposes, which we all brought into.

We all want to get as much of our money back out of this project as possible, however as I am sure you have been informed the escrow account that held our money was emptied by the old developer prior to them leaving the UAE with our funds. We have worked tirelessly with RERA and the Dubai Courts to come up with a solution to ensure that we all are able to get something back. ASA Developer, a Property Developer that we work closely with have for the last year been raising funds that gives them the ability to go ahead and build this project. This ensures that we are all able to get back our entitled amount of money as per Law No.9 and No.13

In Dubai Real Estate Laws, Law No.9 and Law No.13 state that a project that has not started we are entitled to get back 25% of the money we’ve paid or we have the right to continue with our payments and see the project through to completion, if someone else decides to build it. Our entitled amount is 25%. To do this we need to instruct ASA developer to build the tower, and either payback 25% of all our money, or we are also entitled to complete the payments at the original price and have a unit in one of the best locations in Dubai.

For this process to start and for any of us to get any money back, we need to have an agreement between all purchasers that subject to Court Approval we are ready to move ahead, drop our individual cases and proceed to a productive end to what has been a nightmare for all.

Please get in contact as soon as possible

Thank you and kind regards

Richard Kay
richard.kay@smithandken.com
+97144394300

[bister]

Hi Richard

An interesting development.

Do you have an actual court execution order with the land attached? There is no such thing as a 'block' on the land - it need needs to be attached to a court ruling giving you the rights to it.

Who actually owns the land intended for Niki Lauda? According to my sources ,ACI does not own the land and in many other cases the land ACI either owned or had building rights to, was repossessed by the master developer.

It is mighty fine that you are willing to offer a 25% refund against returning the property and the option to continue paying at original price. But what exactly dictates the need to continue paying the original price? Surely, market conditions and construction costs have changed since the heydays, should this not be reflected as a benefit to existing investors?

Finally, has Niki Lauda confirmed their willingness to brand the tower going forward? A written confirmation from his agent would be in order - if he drops out the value of the project plummets.

Originally Posted by rmpkay

Dear All,

ATTENTION – Owners of Property in Niki Lauda Tower in Dubai Business Bay

The project as you are well aware has not even started construction, other than the foundations and currently is indefinitely delayed. We are also a purchaser in the tower, and we have placed a block on the land to stop anyone from constructing on it other than for the intended purposes, which we all brought into.

We all want to get as much of our money back out of this project as possible, however as I am sure you have been informed the escrow account that held our money was emptied by the old developer prior to them leaving the UAE with our funds. We have worked tirelessly with RERA and the Dubai Courts to come up with a solution to ensure that we all are able to get something back. ASA Developer, a Property Developer that we work closely with have for the last year been raising funds that gives them the ability to go ahead and build this project. This ensures that we are all able to get back our entitled amount of money as per Law No.9 and No.13

In Dubai Real Estate Laws, Law No.9 and Law No.13 state that a project that has not started we are entitled to get back 25% of the money we’ve paid or we have the right to continue with our payments and see the project through to completion, if someone else decides to build it. Our entitled amount is 25%. To do this we need to instruct ASA developer to build the tower, and either payback 25% of all our money, or we are also entitled to complete the payments at the original price and have a unit in one of the best locations in Dubai.

For this process to start and for any of us to get any money back, we need to have an agreement between all purchasers that subject to Court Approval we are ready to move ahead, drop our individual cases and proceed to a productive end to what has been a nightmare for all.

Please get in contact as soon as possible

Thank you and kind regards

Richard Kay
richard.kay@smithandken.com
+97144394300

[cayman1]

Hi Bister. Do you know anything about Sami tower project , or land ?

[bister]

Hi Cayman

No, unfortunately I do not have any information on Sami.

[bister]

No response from Richard Kay to my pertinent questions as of yet, leaves you wondering how serious this proposition really is. Then again, are we really that surprised?