Plaza Centers N.V. DETAILS ON DISPOSAL OF TORUN PLAZA IN POLAND (7624I)
22 June 2017 - 12:00AM
UK Regulatory
TIDMPLAZ
RNS Number : 7624I
Plaza Centers N.V.
21 June 2017
21 June 2017
PLAZA CENTERS N.V.
DETAILS ON DISPOSAL OF TORU PLAZA IN POLAND
Plaza Centers N.V. ("Plaza" or the "Company") announces that its
subsidiary, Plaza Centers Polish Operations B.V., has signed a
non-binding Letter of Intent ("LOI") with an investment fund (the
"Purchaser") regarding the sale of Torun Plaza shopping and
entertainment centre in Poland.
The LOI binds the Purchaser to a strict timeline for undertaking
a comprehensive due diligence process which would result in the
transaction being completed by the middle of September 2017.
Should the transaction proceed towards a signed share purchase
agreement, following the due diligence process, Plaza will receive
circa EUR70 million followed by additional payments up to a maximum
potential amount of EUR4 million after an additional earn out
period following the closing of the transaction. The expected net
proceeds to the Company, following the repayment of the related
bank loan are estimated to be circa EUR27-29 million.
At this point in time, there is no certainty that the
transaction will be completed. Plaza will update the market on the
progress of the transaction as appropriate.
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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