Business
Term Sheet signed in respect of plot in India
Term Sheet signed in respect of plot in India.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 7239T Plaza Centers N.V. 05 July 2018 \n\n5 July 2018\nPlaza Centers N.V.\nTerm Sheet signed in respect of plot in Chennai, India\n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\") announces that its subsidiary Elbit Plaza India Real Estate Holdings Limited (in which Plaza holds a 50% stake with its joint venture partner, Elbit Imaging Ltd.) (\"EPI\"), has signed a term sheet with its local partner (please see the announcement from 2 August 2016) (\"Buyer\"), relating to the sale of EPI's Indian subsidiary (\"SPV\") that holds 74.7 acre plot in Chennai, India (\"Term Sheet\").\n \nUnder the terms of the Term sheet, the Buyer shall have 60 (sixty) days to conduct due diligence only with respect to the SPV, following which definitive agreements, for the sale of the SPV in consideration for INR 110 Crores (circa €13.8 million) (subject to adjustment with respect to the previous deposit that was placed and the existing cash in the SPV level), shall be signed and closing shall take place on the same day. \n \nIt is hereby noted that, at this stage, the above mentioned transaction is still subject to satisfactory due diligence results.\n \n \nEnds\n \nFor further details please contact: \nPlaza \nAvi Hakhamov, Acting CEO +36 1 6104523 \n \nFTI Consulting \nDido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000 \n \nNotes to Editors \nPlaza 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. 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 Globa...