Plaza Centers N.V. UPDATE ON A SALE ON ITS HOLDINGS IN CHENNAI, INDIA (5439X)
01 September 2020 - 4:00PM
UK Regulatory
TIDMPLAZ
RNS Number : 5439X
Plaza Centers N.V.
31 August 2020
August 31, 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 June 2, 2020, 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 13.5 million (INR 108 crores); that due to the
COVID 19 negative impact on the economic situation in India, the
Purchaser has sought additional time for closing of the transaction
(currently set for September 2, 2020), and the parties have reached
a revised understanding as follows:
a. The Purchaser will deposit INR 1 crore (approximately Euro
0.115 million) and agrees to deposit additional INR 0.50 crore
(approximately Euro 0.057 million) by 1, December 2020.
b. The Purchaser gets additional seven months to complete the
closing (up to 1, April 2021), which may be extended by another
three months (up to 30, June 2021) upon payment by the Purchaser of
an additional deposit of INR 7.5 crores.
c. As of this date, the Purchaser has deposited a total of INR
25 crores (approximately Euro 3.1 million).
d. 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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DISWPUGARUPUGQG
(END) Dow Jones Newswires
September 01, 2020 02:00 ET (06:00 GMT)
Plaza Centers N.v (LSE:PLAZ)
Historical Stock Chart
From Apr 2024 to May 2024
Plaza Centers N.v (LSE:PLAZ)
Historical Stock Chart
From May 2023 to May 2024