Hermitage Plaza: signature of a transaction protocol
Signature of a settlement agreement between Paris La Défense and Hermitage SAS
The Board of Directors of Paris La Défense today approved a settlement agreement with Hermitage SAS, reached under the aegis of a mediator appointed by the Nanterre Court of Justice. This agreement gives a new dynamic to the Hermitage Plaza project.
The settlement agreement was drawn up as part of a mediation process initiated last autumn between Paris La Défense and Hermitage SAS. It puts an end to the contractual disagreements that had led to litigation.
This agreement redefines the obligations of each party, sets a new timetable and specifies the financial conditions for its execution. The first deadline is set at 31 December 2021, the date on which the promises to sell must be signed. It then sets 31 December 2023 at the latest as the date by which the deeds of sale must have been concluded.
According to Georges Siffredi, President of Paris La Défense and the Hauts-de-Seine Department, "The protocol avoids getting involved in a long legal procedure. Under the aegis of the mediator appointed by the Court of Justice, we have acted pragmatically to preserve the interests of the Saisons district, which is immediately visible at the entrance to La Défense from Paris, and of its inhabitants, for whom the stakes of the Hermitage Plaza project are essential. "
For Pierre-Yves Guice, Managing Director of Paris La Défense: "With this protocol, Hermitage and Paris La Défense have given themselves a legal framework and a precise timetable to achieve, by the end of 2021, the signing of a promise of sale."