As reported in the Indluplace Prospectus issued on 3 June 2015, Indluplace and MSA were involved in a legal dispute regarding the lease agreement with MSA in respect of Indluplace's Honey Park property portfolio consisting of 333 two-bedroom units in three complexes.
MSA and Indluplace had in the interim agreed to restore Indluplace to vacant possession of one of the three complexes, namely Ironwood. Indluplace has already begun re-letting Ironwood and demand for the units is strong with about 30% of the 97 units in the complex already let.
The parties have now agreed to settle their dispute. The settlement has been made without any admission of liability by either party and in full and final settlement of all claims between them, including the withdrawal of the litigation, on the following material terms: