RETIREMENT village players Lend Lease PrimeLife and Prime Trust are locked in a legal battle over debts and unpaid fees.
PTN was on the front foot Friday and claimed it has launched legal action against LLP which currently leases 12 retirement villages in New South Wales and Queensland.
PTN claims LLP is not complying with contractual requirements to pay net incoming resident contributions to the trust on a monthly basis.
“The trust has issued notices requiring the remedy of alleged defaults to these entities and to the management company, in respect of a number of issues. These include the non"payment of the full rent and net ingoing contributions as well as failure to provide information in respect of the operations of the villages.
“If the alleged defaults are not remedied, the trust may seek to terminate the leases and the management agreements,” PTN said.
But LLP hit back at the claims.
LLP said it is in dispute with in relation to the commercial arrangements surrounding 12 retirement villages.
“There have been amounts in dispute for some time,” LLP said.
LLP also claims PTN owes debt and it added it will vigorously defend its position against any claims by PTN.
Australian Property Journal
