Plaza Centers N.V. Further re Dispute in Connection with Chennai Plot (7700R)
March 04 2019 - 7:30AM
UK Regulatory
TIDMPLAZ
RNS Number : 7700R
Plaza Centers N.V.
04 March 2019
March 04, 2019
PLAZA CENTERS N.V.
ANNOUNCES AN UPDATE REGARDING THE DISPUTE IN CONNECTION WITHTHE
PLOT IN CHENNAI, INDIA
Plaza Centers N.V. ("Plaza" or the "Company") announced today,
further to its press release dated February 11, 2019, regarding the
termination of the Joint Development Agreement and the Term Sheet
between Elbit Plaza India Real Estate Holdings Limited (a
subsidiary held by the Company (50%) and Elbit Imaging ltd. (50%))
("EPI") and a potential buyer (the "Purchaser") for the sale of a
plot in Chennai, India for a total consideration of approximately
Euro 13.2 million, that the SPV (a subsidiary of EPI) holding the
plot in Chennai has initiated an arbitration proceeding against the
Purchaser in accordance with the Arbitration Rules of the Singapore
International Arbitration Centre (As required by the agreement
between the parties).
The reliefs sought in the framework of the arbitration are as
follows: (a) a declaration that the JDA stands validly is
terminated; and (b) to instruct the Purchaser to compensate for
damages caused due to the breach of the Joint Development Agreement
by the Purchaser.
Ends
For further details, please contact:
Plaza
Avi Hakhamov, Acting CEO +36 1 6104523
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) 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 has been active in real
estate development in emerging markets for over 23 years.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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