Plaza Centers N.V. Update re Chennai, India (0512M)
January 15 2016 - 8:00AM
UK Regulatory
TIDMPLAZ
RNS Number : 0512M
Plaza Centers N.V.
15 January 2016
15 January 2016
Plaza Centers N.V.
Update re Third party commitment to purchase the scheme in
Chennai, India
Further to its announcement on 16 September 2015, in which Plaza
announced that its subsidiary, Elbit Plaza India Real Estate
Holdings Limited (in which Plaza holds a 50% stake with its joint
venture partner, Elbit Imaging Ltd.) ("EPI"), was in discussions
regarding the sale of EPI's 80% stake in Kadavanthara Builders
Private Limited (the "Sale Transaction"), an Indian company ("SPV")
which owns a c. 74.7 acre plot in Chennai, India, the Company
announces that the Sale Transaction, which was due to be completed
by 15 January 2016 (the "Long Stop Date"), has not completed.
In line with the Sale Transaction agreement which was outlined
in the 16 September 2015 announcement, as the local Indian partner
(the "Partner") failed to complete the transaction by the Long Stop
Date, EPI shall exercise its right to get the Partner's 20%
holdings in the SPV.
Plaza will provide a further update on the project as and if
appropriate in due course.
Ends
For further details, please contact:
Plaza
Roy Linden, CFO +36 1 462 7222
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is a leading property
developer and investor with a significant presence across Central
and Eastern Europe and operations in India. It focuses on
constructing new shopping and entertainment centres and, where
there is significant potential, redeveloping existing centres in
both capital cities and important regional centres. The Company is
listed on the Main Board of the London Stock Exchange, the
Warsaw Stock Exchange and, as of 27 November 2014, the Tel Aviv Stock Exchange (LSE:"PLAZ", WSE: "PLZ/PLAZACNTR"; TASE: "PLAZ"). Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EIL"), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the NASDAQ Global Market in the United States. It has been active in real estate development in emerging markets for over 20 years.
This information is provided by RNS
The company news service from the London Stock Exchange
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