Plaza Centers N.V. UPDATE RE DISPOSAL OF GREEK DEVELOPMENT PLOT (0707R)
December 06 2016 - 4:00AM
UK Regulatory
TIDMPLAZ
RNS Number : 0707R
Plaza Centers N.V.
06 December 2016
6 December 2016
PLAZA CENTERS N.V.
UPDATE RE DISPOSAL OF GREEK DEVELOPMENT PLOT
Plaza Centers N.V. ("Plaza" or the "Company") announces that,
further to the announcements of 8 April 2016 and 13 October 2016,
the share transfer agreement to sell a development plot in Piraeus,
Greece was signed on 5 December 2016.
Following a due diligence process undertaken by the purchaser,
which included several findings regarding the construction
possibilities on the site and the size of any potential development
project, a gross sale price of EUR3.4 million was agreed, in line
with the asset's book value.
The transaction agreement includes a long stop date of 20
December 2016 for the conclusion of the transaction and full
payment, conditional on certain local planning approvals being
either obtained or waived by the purchaser.
The agreement also contains a potential upside price adjustment,
which determines that an additional EUR60 per sqm shall be paid to
Plaza (capped at a total transaction price of EUR4.2 million) if
the purchaser constructs more than 10,500 sqm of built area on the
site.
On completion of the transaction, in line with the Company's
stated restructuring plan, 75% of the net cash proceeds will be
distributed to Plaza's bondholders during the following
quarter.
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. 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, as of 19 October
2007, on the Warsaw Stock Exchange (LSE:"PLAZ", WSE:
"PLZ/PLAZACNTR") and, on the Tel Aviv
Stock Exchange. 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 on the
NASDAQ Global Market in the United States. Plaza Centers 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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