Plaza Centers N.V. UPDATE ON A SALE ON ITS HOLDINGS IN CHENNAI, INDIA (5788C)
21 June 2021 - 9:52PM
UK Regulatory
TIDMPLAZ
RNS Number : 5788C
Plaza Centers N.V.
21 June 2021
June 21 2021
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 announcements dated March 31, 2021, April 29,
2021 and June 2, 2021 (the " Previous Announcements ") , 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
INR 96.5 crores ( approximately Euro 11.2 million); that the
Purchaser completed the transaction and paid a consideration of INR
94.7 crores (approximately EUR 10.6 million).
The change in the consideration is due to the Purchaser's
consent to take some additional liabilities in connection with the
SPV (which were not included in the original agreement with the
Purchaser).
As stated above, Plaza is entitled to receive 50% of the
transaction's compensation. Accordingly, so far Plaza received, in
practice, advanced payments in a total consideration of EUR 1.05
million, and as of today, upon completion of the transaction, Plaza
is expected to receive an additional consideration of approximately
EUR 4.25 million.
Furthermore, Plaza and Elbit Imaging Ltd granted the Purchaser
an indemnification, jointly and severally, for some of EPI's
presentations, which are presentations customary in such
transactions.
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, 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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