Plaza Centers N.V. UPDATE RE AGREEMENT TO SELL PROJECT IN BANGALORE (3349P)
November 16 2016 - 10:30AM
UK Regulatory
TIDMPLAZ
RNS Number : 3349P
Plaza Centers N.V.
16 November 2016
16 November 2016
PLAZA CENTERS N.V.
UPDATE REGARDING AGREEMENT TO SELL PROJECT IN BANGALORE,
INDIA
Plaza Centers N.V. ("Plaza" or the "Company"), an emerging
markets property developer, further to its announcement of 30
September 2016, provides an update regarding an agreement to sell
100% of its interest in a special purpose vehicle which holds a
site in Bangalore, India by Elbit Plaza India Real Estate Holdings
Limited (in which Plaza holds a 50% stake with its joint venture
partner, Elbit Imaging Ltd.) ("EPI") to a local investor (the
"Purchaser").
The Purchaser paid an advance payment of INR 5 Crores
(approximately EUR0.65 million) on 30 September 2016, but has
informed EPI that it will be unable to execute the advance payments
due in the fourth quarter of 2016 under the Sale Agreement. The
Sale Agreement determines that if the Purchaser fails to execute
any of the advance payments, EPI will be able to enforce its rights
under the Sale Agreement including the execution of the Securities.
As such, EPI is now considering its options with respect to the
Sale Agreement, including, inter alia, the execution of the
securities provided by the Purchaser to EPI under the Sale
Agreement.
The Company will update the market on any new developments as
appropriate.
Ends
For further details, please contact:
Plaza
Dori Keren, Acting CEO + 48 22 231 99 00
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is an emerging markets
developer of shopping and entertainment centres with operations in
Central and Eastern Europe and India. It focuses on constructing
new centres and, where there is significant redevelopment
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, the Tel
Aviv Stock Exchange (LSE: "PLAZ"; WSE: "PLZ/PLAZACNTR"; TASE:
"PLAZ"). Plaza Centers N.V. is an indirect subsidiary of Elbit
Imaging Ltd. ("EI"), 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
END
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