PRE-AGREEMENT FOR SALE OF A LAND PLOT IN BRASOV

RNS Number : 1990V

Plaza Centers N.V.

29 November 2019

 

November 29, 2019

PLAZA CENTERS N.V.

PRE-AGREEMENT FOR THE SALE OF A LAND PLOT IN BRASOV, ROMANIA

Plaza Centers N.V. ("Plaza" or the "Company") announced today that its indirect subsidiary has signed the Addendum no. 1 to the Pre-Agreement signed on February 5, 2019 for the sale of a plot in Brasov, Romania (the "Property") for a total gross amount of EUR 620,000 (the "Transaction") which is slightly above the last reported book value.

By means of Addendum no. 1, the Promissory Purchaser confirmed that the result of its Due Diligence investigations is positive and the Parties expressly agreed on the following amendments to the Pre-Agreement: (i) the consummation of the Transaction will take place not later than February 15, 2020 subject to the fulfillment of certain conditions, including, inter alia: a) the former financing bank of the Project did not exercise its right to purchase the Property until December 6, 2019 (as disclosed in Note 19(a) of the Company's consolidated financial statements 2018); and b) the execution of definitive agreement, (ii) the Exclusivity Period will elapse on the earlier of a) February 15, 2020, or b) the date of the termination of the Pre-Agreement. An amount of circa EUR 50,000 paid by the Promissory Purchaser as down Payment.

As of the date hereof, there can be no certainty that a definitive agreement will be signed and/or that the Transaction will be consummated.

Ends

For further details, please contact:

Plaza

Avi Hakhamov, Executive Director                                                  [phone]

Forward-looking statements

This press release may contain forward-looking statements with respect to the possibility of completing the Transaction. Such statements are based on current expectations, estimates and projections of Plaza Centers N.V. and information currently available to the company. Plaza Centers N.V. cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. Plaza Centers N.V. has no obligation to update the statements contained in this press release, unless required by law.

Notes to Editors

Plaza 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 has been active in real estate development in emerging markets for over 23 years.

 

 

 

 

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