Pimco, L&G Sued In Scrap Over €1.2 Billion Brussels Tower

Pimco and Legal & General Group Plc have been accused of placing “undue pressure” on property valuers in a bitter scrap over the future of a famous Brussels skyscraper whose owner has collapsed into insolvency.

The owner of The Finance Tower, the 142 meter (466 feet) high building located in downtown Brussels, filed a lawsuit in the English High Court in a bid to to stall an attempt by its lenders to freeze rental income, according to documents lodged in London and New York courts. The building is ultimately owned by JR Global REIT, a property investment vehicle listed in Korea that fell into insolvency last month.