JR Global REIT lost its lawsuit challenging the contractual validity of JLL’s appraisal of Belgium’s Finanstower after the UK High Court ruled in favor of CBRE Loan Services, the creditor group’s agent. The ruling keeps the cash trap in place, directing more than €20 million in annual Belgian dividend income toward overseas loan repayment before domestic debt service in South Korea. JLL’s €920 million appraisal pushed the property’s loan-to-value ratio to 61.02%, above the 52.5% cash-trap threshold and contributing to the company’s liquidity crisis. The court’s decision did not determine the property’s fair value; it found that shortcomings, including insufficient cross-verification of the discounted cash flow model, did not amount to malice, unfair conduct or actual bias sufficient to invalidate the appraisal under the loan agreement. JR Asset Management plans to pursue refinancing with new financial institutions, finalize a long-term lease extension and asset-management plan with the Belgian building management authority, and seek early graduation from the voluntary restructuring program, or ARS.