Plaza Centers N.V. UPDATE - AGREEMENT TO SELL PROJECT IN BANGALORE (2125A)
May 28 2019 - 2:00AM
UK Regulatory
TIDMPLAZ
RNS Number : 2125A
Plaza Centers N.V.
27 May 2019
May 27, 2019
PLAZA CENTERS N.V.
UPDATE REGARDING THE AGREEMENT TO SELL ITS HOLDINGS
IN THE PROJECT IN BANGALORE, INDIA
Plaza Centers N.V. ("Plaza" or the "Company") announced today,
further to its press release dated May 13, 2019, that under the
agreement (the "Agreement") signed by Elbit Plaza India Real Estate
Holdings Limited (a subsidiary held by the Company (50%) and Elbit
Imaging ltd. (50%)) ("EPI"), for the sale of a 100% interest in a
Special Purpose Vehicle which holds a site in Bangalore, India, to
a local investor (the "Purchaser"), the Purchaser has paid
approximately EUR0.375 million (INR 3 crores) (Plaza part
approximately EUR0.187 million) out of the approximately EUR2.25
million (INR 18 crores) to be paid in Q2 2019. The remaining amount
is expected to be paid until the end of June 2019.
As of the date hereof, the Purchaser paid to EPI approximately
EUR10.63 million (INR 83 crores) (Plaza part approximately EUR5.31
million) on account of the consideration, which EPI is entitled to
forfeit if the Purchaser does not close the transaction as per the
Agreement. Further, the Purchaser has mortgaged approximately 8.7
acres of plots as security for completion of the transaction.
Ends
For further details, please contact:
Plaza
Avi Hakhamov, Acting CEO +36 1 6104523
Forward-looking statement
This press release may contain forward-looking statements with
respect to Plaza Centers N.V. future (financial) performance and
position. Such statements are based on current expectations,
estimates and projections of Plaza Centers N.V. and information
currently available to the company. Plaza Centers N.V. cautions
readers that such statements involve certain risks and
uncertainties that are difficult to predict and therefore it should
be understood that many factors can cause actual performance and
position to differ materially from these statements. Plaza Centers
N.V. has no obligation to update the statements contained in this
press release, unless required by law.
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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