Business
CLOSING OF MUP TRANSACTION
CLOSING OF MUP TRANSACTION.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 6887C Plaza Centers N.V. 29 June 2016 \n\n29 June 2016\n \nPLAZA CENTERS N.V.\n \nCLOSING OF MUP TRANSACTION\n \nFurther to its announcement on 17 May 2016, Plaza Centers N.V. (\"Plaza\" or the \"Company\"), a leading emerging markets property developer, announces today that it has completed the sale of the MUP plot, following the fulfilment of certain conditions precedent. In line with the original terms, the purchaser has paid the initial amount of €11 million in cash to the Company.\n \nAn additional €300,000 will be due before 30 November 2016 and the remaining €4.6 million will be due within 15 months from the transaction closing date. Furthermore, Plaza will also be entitled to an additional pending payment of €600,000, on top of the €15.9 million transaction consideration, once the purchaser successfully develops at least 69,000 sqm above ground.\n \nIn line with the Company's stated restructuring plan, 75% of the abovementioned proceeds will be distributed to Plaza's bondholders in the following quarter. \n \nEnds\n \n\n\n\n\nFor further details, please contact:\n\n\n\n\n\n\n\nPlaza\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDori Keren, Acting CEO\n\n\n+ 48 22 231 99 00\n\n\n\n\nEitan Farkas, Financial Director\n \n\n\n+ 36 1 462 7254\n\n\n\n\nFTI Consulting\n\n\n\n\n\n\n\nDido Laurimore / Claire Turvey / Tom Gough \n\n\n+44 20 3727 1000\n\n\n\n\n \n \nNotes to Editors\n \nPlaza Centers N.V. (www.plazacenters.com) is a leading emerging markets developer of shopping and entertainment centres with operations in Central and Eastern Europe and India. It focuses on constructing new centres and, where there is significant redevelopment potential, redeveloping existing centres in both capital cities and important regional centres. The Company is listed on the Main Board of the London Stock Exchange, the Warsaw Stock Exchange and, as of 27 November 2014, the Tel Aviv Stock Exchange (LSE:\"PLAZ\"; WSE: \"PLZ/PLAZACNTR\"; TASE: \"PLAZ\"). 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 the NASDAQ Global Market in the United States. It has been active in real estate development in emerging ma...