Business
NEW PAYMENT STRUCTURE FOR SALE OF BANGALORE
NEW PAYMENT STRUCTURE FOR SALE OF BANGALORE.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 3842I Plaza Centers N.V. 16 June 2017 \n\n16 June 2016\n \nPLAZA CENTERS N.V.\n \nNEW PAYMENT STRUCTURE FOR SALE OF PROJECT IN BANGALORE, INDIA\n \nPlaza 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\").\n \nThe Purchaser and EPI have agreed that the purchase price will be amended to INR 338 Crores (approximately €47 million) instead of the INR 321 Crores (approximately €44.6 million) agreed in the previous agreement. As part of the agreement, INR 110 Crores (approximately €15.3 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 €31.7 million) will be paid to EPI.\n \nIf 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.\n \nOf 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.\n \n \nEnds\n \nFor further details, please contact:\n \nPlaza\nDori Keren, CEO +48 22 231 99 00 \n \nFTI Consulting \nDido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000\...