Redbük Real Estate Investment Trust Provides Update on Legal Proceedings

Kızılbük GYO (KZBGY) has made statements regarding developments in ongoing lawsuits related to various construction permits. The company announced that it is an intervenor in case number 2022/1131 at the Muğla 3rd Administrative Court. The lawsuit was filed for the annulment of 16 construction permits dated October 28, 2021, and one construction permit dated January 4, 2022, along with an zoning status document. It was noted that a site inspection was conducted during the process and there were objections to the expert report, while requests for a stay of execution were rejected three times.

In the hearing held on November 12, 2024, the court decided to annul the contested procedures. However, Kızılbük GYO appealed this decision and brought the case to a higher court with a request for a stay of execution on December 12, 2024. The company stated that it is following up on the case and will continue to share developments with the public.

New Lawsuit Against Construction Halt Report Kızılbük GYO also announced the legal process regarding the construction halt report. A new lawsuit was filed on December 11, 2024, at the Muğla 2nd Administrative Court (case number 2024/1387) for the annulment of the action regarding the construction halt report and a request for a stay of execution.

Kızılbük GYO indicated that it will continue to inform the public about the current status of the court processes.