Response to the press release of Steiner AG

PSP Swiss Property has taken note that Steiner AG has lodged a complaint with the Commercial Court of the Canton of Zurich against PSP Properties Ltd and Löwenbräu-Kunst AG. PSP Swiss Property has not received a copy of the complaint. The statement of Steiner AG in its press release is not in accordance with the facts and is refuted by PSP Swiss Property.

PSP Swiss Property has always rejected the additional claims by Steiner AG related to the Löwenbräu construction project. So far, Steiner AG has refused to substantiate its claims with regard to items or value. Due to the amount of the claim and in the absence of any justification therefore, PSP Swiss Property refused to enter into any “unconditional settlement discussions” as demanded by Steiner AG. PSP Swiss Property is not aware of any facts which would validate Steiner AG’s claims.