Business
UPDATE RE THE AGR TO SELL ITS HOLDINGS, BANGALORE
UPDATE RE THE AGR TO SELL ITS HOLDINGS, BANGALORE.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 8046V Plaza Centers N.V. 10 April 2019 \n\nApril 10, 2019\n \nPLAZA CENTERS N.V.\n \nUPDATE REGARDING THE AGREEMENT TO SELL ITS HOLDINGS \nIN THE PROJECT IN BANGALORE, INDIA\n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\") announced today, that Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%)) (\"EPI\"), has reached an understandings with the purchaser (the \"Purchaser\") of the 100% interest in a Special Purpose Vehicle which holds a site in Bangalore, India according to which: (i) the closing date for the transaction will be extended to November 2019 (instead of August 2019) (the \"Closing Date\"); and (ii) the consideration will be increased to €45.64 million (INR 356 crores) (instead of INR 350 crores) (Plaza part approximately €17.69 million) (the \"Consideration\"). The Closing Date can be further extended to August 2020, subject to mutually agreed payment terms.\n \nAs of the date hereof, the Purchaser paid to EPI approximately €10.26 million (INR 80 crores) (Plaza part approximately €5.13 million) on account of the Consideration, which EPI is entitled to forfeit if the Purchaser does not close the transaction as per the agreement. Further, the Purchaser has mortgaged approximately 8.7 acres of plots as security for completion of the transaction.\n \nThe remainder of the Consideration (approximately €35.38 million (INR 276 crores)) (Plaza part approximately €17.69 million) is to be paid by the Purchaser as follows: (i) a total of approximately €6.41 million (INR 50 crores) will be paid in unequal monthly installments until the Closing Date; (ii) a total of approximately €28.97 million (INR 226 crores) will be paid upon Closing Date.\n \nEPI and the Purchaser have not yet signed a revised agreement and there is no certainty that such a revised agreement will indeed be signed and /or what its final terms be.\n \nEnds\nFor further details, please contact:\n \n \nPlaza\nAvi Hakhamov, Acting CEO &n...