Plaza Centers N.V. NEW PAYMENT STRUCTURE FOR SALE OF BANGALORE (3842I)
17 June 2017 - 1:45AM
UK Regulatory
TIDMPLAZ
RNS Number : 3842I
Plaza Centers N.V.
16 June 2017
16 June 2016
PLAZA CENTERS N.V.
NEW PAYMENT STRUCTURE FOR SALE OF PROJECT IN BANGALORE,
INDIA
Plaza Centers N.V. ("Plaza" or the "Company") announces, further
to its announcement on 15 November 2016, that its jointly
controlled subsidiary Elbit Plaza India Real Estate Holdings
Limited (in which Plaza holds a 50% stake with its joint venture
partner, Elbit Imaging Ltd.) ("EPI") signed a revised agreement in
relation to 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 and EPI have agreed that the purchase price will
be amended to INR 338 Crores (approximately EUR47 million) instead
of the INR 321 Crores (approximately EUR44.6 million) agreed in the
previous agreement. As part of the agreement, INR 110 Crores
(approximately EUR15.3 million) will be paid by the Purchaser in
installments until the Final Closing. The Final Closing will take
place on 1 September 2018 when the final installment of INR 228
Crores (approximately EUR31.7 million) will be paid to EPI.
If the Purchaser defaults before the Final Closing, EPI is
entitled to forfeit certain amounts paid by the Purchaser as
stipulated in the revised agreement. All other existing securities
granted to EPI under the previous agreement will remain in place
until the Final Closing.
Of the net proceeds finally received by Plaza, at least 75% will
be distributed to the Company's bondholders, in line with the
Company's stated amended Restructuring Plan.
Ends
For further details, please contact:
Plaza
Dori Keren, CEO +48 22 231 99 00
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is an emerging markets
developer of shopping and entertainment centres. The Company 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
N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EI"), an
Israeli public company whose shares are traded on both the Tel Aviv
Stock Exchange in Israel and on the NASDAQ Global Market in the
United States. Plaza Centers has been active in real estate
development in emerging markets for over 21 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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