Business
UPDATE RE THE AGREEMENT TO SELL BANGALORE PROJECT
UPDATE RE THE AGREEMENT TO SELL BANGALORE PROJECT.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 2257S Plaza Centers N.V. 07 March 2019 \n\n \nMarch 7, 2019\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, further to its press release dated February 4, 2019, regarding an agreement (the \"Agreement\") signed by Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%)) (\"EPI\"), for the sale of a 100% interest in a Special Purpose Vehicle which holds a site in Bangalore, India, to a local investor (the \"Purchaser\") in consideration for approximately €43.4 million (the \"Consideration\"), that the Purchaser has further paid €0.52 million this week, thereby having paid approximately €9.6 million (INR 75 crores) as against approximately €11.7 million (INR 92 crores) that was supposed to be paid by end of February 2019.\n \nThe Parties continue to discuss regarding getting further payments of approximately € 2.21 million (INR 18 crores) till end of Q1 2019 as committed by the Purchaser. The Purchaser has mortgaged approximately 8.7 acres of plots as security for completion of the transaction.\n \nAs of the date hereof, the Purchaser paid to EPI approximately €9.6 million (INR 75 crores) on account of the Consideration (Plaza Part circa €4.8 million) which EPI is entitled to forfeit if the Purchaser does not close the transaction as per the Agreement\n \nThe remainder of the consideration (approximately €33.7 million - Plaza Part circa €16.85 million) is to be paid by the Purchaser in unequal monthly installments until August 31, 2019 as determined in the Agreement.\n \nEnds\nFor further details, please contact:\n \n \nPlaza\nAvi Hakhamov, Acting CEO +36 1 6104523 \n \nForward-looking statements\n \nThis press release may contain forward-looking statements with respect to Plaza Centers N.V. future (f...