Plaza Centers N.V. UPDATE RE AGREEMENT TO SELL PROJECT IN BANGALORE (7797G)
July 25 2019 - 12:10PM
UK Regulatory
TIDMPLAZ
RNS Number : 7797G
Plaza Centers N.V.
25 July 2019
July 25, 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 27, 2019, regarding an
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"), that after long negotiations
the Purchaser has this week further paid EUR0.127 million (INR 1
crore) (Plaza part approximately EUR0.063 million) and thereby
having paid EUR0.76 million (INR 6 crores) out of the approximately
EUR3.05 million (INR 24 crores) to be paid until the end of July
2019.
The Purchaser seeks more time without committing to a schedule
for payment of the remaining amount. At this stage, there is no
clarity on payment of the remaining amount. The Company is taking
necessary legal steps to protect its interest.
As of the date hereof, the Purchaser paid to EPI approximately
EUR11 million (INR 86 crores) (Plaza part approximately EUR5.5
million), out of total consideration of EUR45.4 million (INR 356
crores), 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.
The Company will update regarding any new developments.
Ends
For further details, please contact:
Plaza
Avi Hakhamov, Executive Director +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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