Hedgeserv In Dublin Rent Tiff

Jul 24 2012 | 11:16am ET

A defunct investment firm has sued Hedgeserv for almost €2 million in back rent.

At issue is Hedgeserv's space in the center of Dublin, Ireland. The firm rented two floors at 75 St. Stephen's Green in 2008 with a 25-year lease, agreeing to pay €2.2 million per year.

Late last year, however, the building's owner Shelbourne Development (Europe) defaulted on its debt and went into receivership. And now, the receiver, Grant Thornton's Michael McAteer, has had the €1.9 million rent dispute moved to the Commercial Court.

A hearing is set for Oct. 17.

Hedgeserv founder James Kelly reportedly acted as a guarantor of the lease.

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