Plaza Centers N.V. UPDATE ON A SALE ON ITS HOLDINGS IN CHENNAI, INDIA (2854F)
06 Marzo 2020 - 3:31AM
UK Regulatory
TIDMPLAZ
RNS Number : 2854F
Plaza Centers N.V.
06 March 2020
March 6, 2020
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 press release dated December 5, 2019, regarding the
signing of a share purchase agreement ("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 13.5 million (INR
108 crores), that the Purchaser has sought additional time for
closing, against the initially closing by March 3, 2020. The
parties have reached a revised understanding as follows:
a. The Purchaser paid further INR 5 crores (approximately Euro
0.61 million) and get additional three months to complete the
closing until June 3, 2020, which may be extended by another three
months upon payment by the Purchaser of an additional deposit of
INR of 7.5 crores. As of this date, the Purchaser has deposited in
the SPV a total of INR 25 crores (approximately Euro 3.1 million),
out of which EPI has already received from the SPV approximately
INR 17 crores (approximately Euro 2.1 million) (Plaza part Euro
1.05 million), as detailed in the press release dated February 18,
2020.
b. According to the SPA, if the Purchaser is unable to complete
the closing within the aforesaid time periods, then the parties
will mutually appoint an international real estate consulting firm
for the purpose of identifying a third-party buyer within a period
of six months.
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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