Plaza Centers N.V. UPDATE ON A SALE ON ITS HOLDINGS IN CHENNAI, INDIA (1227X)
April 29 2021 - 10:55AM
UK Regulatory
TIDMPLAZ
RNS Number : 1227X
Plaza Centers N.V.
29 April 2021
April 29, 2021
PLAZA CENTERS N.V.
UPDATE REGARDING SALE OF ITS HOLDINGS IN THE PROJECT IN CHENNAI,
INDIA
Plaza Centers N.V. (" Plaza " or the " Company ") announces
today, further to its announcement dated March 31, 2021 (the "
Previous Announcement ") , regarding the agreement (the " SPA ")
between Elbit Plaza India Real Estate Holdings Limited (a
subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%))
(" EPI ") and the purchaser (the " Purchaser ") for the sale of
100% stake in the SPV (subsidiary of EPI) which owns 74.7 acre plot
in Chennai, India, for a total consideration of approximately Euro
13 million (INR 108 crores); that in light of the widespread
outbreak of Covid-19 in India and the recent lockdowns imposed by
the local authorities in India, the completion of the transaction
has been delayed. Accordingly, EPI and the Purchaser have agreed to
extend the closing by 15 days i.e from April 30, 2021 to May 15,
2021, which may be extended by another 15 days to May 31, 2021 upon
payment by the Purchaser, which shall be paid by May 15, 2021, of
an additional deposit of INR 1 crore (approximately EURO 0.11 5
million (Plaza part approximately EUR 0.0575 million)), and that
the other terms shall remain the same. As of this date, the
Purchaser has deposited a total of INR 34 crores (approximately
EURO 4.1 million (Plaza part approximately EUR 2.05 million)).
At this stage, there is no certainty that the SPA closing will
occur.
Ends
For further details, please contact:
Plaza
Ran Yaacovs, CFO 972-546-303-006
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.
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.
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END
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