21 February 2018
PLAZA CENTERS N.V.
UPDATE RE DISPUTE WITH THE PURCHASER OF A PLOT IN INDIA
Plaza Centers N.V. ("Plaza" or the "Company") announces, further to its press release dated 18 January 2018, regarding the sale of the100% interest in an SPV (which is held by a subsidiary in which Plaza holds a 50% stake with its joint venture partner, Elbit Imaging Ltd.),that holds property in Bangalore, India, to a local investor (the "Agreement" and the "Purchaser" respectively), that, despite the notice by the Purchaser that remaining payments under the Agreement will be stopped, the Purchaser has paid the January installment in the amount of INR 5 Crores (circa €0.62 million).
To date, since the signing of the Agreement, the Purchaser has paid non-refundable advance payments totaling INR 45 Crores (circa € 5.94 million), out of the total consideration of INR 338 Crores (circa €43.4 million) due under the Agreement.
The Company continues to reject the Purchaser's claims and is constantly evaluating its options and considering its legal rights.
Ends
For further details, please contact:
Plaza
Dori Keren, CEO +48 22 231 99 00
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000
Notes to Editors