Plaza Centers N.V. UPDATE RE THE AGR TO SELL ITS HOLDINGS, BANGALORE (8046V)
10 Abril 2019 - 8:23AM
UK Regulatory
TIDMPLAZ
RNS Number : 8046V
Plaza Centers N.V.
10 April 2019
April 10, 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,
that Elbit Plaza India Real Estate Holdings Limited (a subsidiary
held by the Company (50%) and Elbit Imaging Ltd. (50%)) ("EPI"),
has reached an understandings with the purchaser (the "Purchaser")
of the 100% interest in a Special Purpose Vehicle which holds a
site in Bangalore, India according to which: (i) the closing date
for the transaction will be extended to November 2019 (instead of
August 2019) (the "Closing Date"); and (ii) the consideration will
be increased to EUR45.64 million (INR 356 crores) (instead of INR
350 crores) (Plaza part approximately EUR17.69 million) (the
"Consideration"). The Closing Date can be further extended to
August 2020, subject to mutually agreed payment terms.
As of the date hereof, the Purchaser paid to EPI approximately
EUR10.26 million (INR 80 crores) (Plaza part approximately EUR5.13
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.
The remainder of the Consideration (approximately EUR35.38
million (INR 276 crores)) (Plaza part approximately EUR17.69
million) is to be paid by the Purchaser as follows: (i) a total of
approximately EUR6.41 million (INR 50 crores) will be paid in
unequal monthly installments until the Closing Date; (ii) a total
of approximately EUR28.97 million (INR 226 crores) will be paid
upon Closing Date.
EPI and the Purchaser have not yet signed a revised agreement
and there is no certainty that such a revised agreement will indeed
be signed and /or what its final terms be.
Ends
For further details, please contact:
Plaza
Avi Hakhamov, Acting CEO +36 1 6104523
Forward-looking statements
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
MSCGGUUPCUPBGWU
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April 10, 2019 09:23 ET (13:23 GMT)
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