UPDATE ON A SALE ON ITS HOLDINGS IN CHENNAI, INDIA

RNS Number : 1227X

Plaza Centers N.V.

29 April 2021

 

April 29, 2021

PLAZA CENTERS N.V.

UPDATE REGARDING SALE OF ITS HOLDINGS IN THE PROJECT IN CHENNAI, INDIA

Plaza Centers N.V. (" Plaza " or the " Company ")  announces today, further to its announcement dated March 31, 2021 (the " Previous Announcement ") , regarding the agreement (the " SPA ") between Elbit Plaza India Real Estate Holdings Limited (a subsidiary held by the Company (50%) and Elbit Imaging Ltd. (50%)) (" EPI ") and the purchaser (the " Purchaser ") for the sale of 100% stake in the SPV (subsidiary of EPI) which owns 74.7 acre plot in Chennai, India, for a total consideration of approximately Euro 13 million (INR 108 crores); that in light of the widespread outbreak of Covid-19 in India and the recent lockdowns imposed by the local authorities in India, the completion of the transaction has been delayed. Accordingly, EPI and the Purchaser have agreed to extend the closing by 15 days i.e from April 30, 2021 to May 15, 2021, which may be extended by another 15 days to May 31, 2021 upon payment by the Purchaser, which shall be paid by May 15, 2021, of an additional deposit of INR 1 crore (approximately EURO 0.11 5 million (Plaza part approximately EUR 0.0575 million)), and that the other terms shall remain the same.  As of this date, the Purchaser has deposited a total of INR 34 crores (approximately EURO 4.1 million (Plaza part approximately EUR 2.05 million)).

 

At this stage, there is no certainty that the SPA closing will occur.

Ends

For further details, please contact:

Plaza

Ran Yaacovs, CFO  972-546-303-006

Forward-looking statement

This press release may contain forward-looking statements with respect to Plaza Centers N.V. future (financial) performance and position. 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.

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.

 

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