A CONDITIONAL SALE AGREEMENT FOR SELLING LAND PLOT

RNS Number : 2567L

Plaza Centers N.V.

04 September 2019

 

September 4, 2019

 

PLAZA CENTERS N.V.

SIGNING A CONDITIONAL SALE AGREEMENT FOR SELLING THE LAND PLOT

IN LODZ, POLAND

 

Plaza Centers N.V. ("Plaza" or the "Company") announced today, further to its announcement dated May 23, 2019, regarding the Preliminary Agreement (the "Preliminary Agreement") for the sale of its remaining holdings in the land Plot in Lodz, Poland (circa 47,860 sqm) (the "Plot") to a local developer (the "Purchaser") for a total gross consideration of approximately €1.10 million (the  "Consideration"), that the Company has signed a conditional sale agreement for selling the Plot. 

 

As previously disclosed by the Company: (i) 10% of the Consideration that was deposited on notarial deposit upon signing the Preliminary Agreement will be released upon signing a definitive agreement following municipality's confirmation that it will not exercise preemptive rights (the "Confirmation"); (ii) 40% of the Consideration was deposited on notarial deposit upon signing the conditional sale agreement and subject to obtaining the Confirmation; (iii) Subject to obtaining the Confirmation a definitive agreement will be signed not later than October 10, 2019 followed by a release of the notarial deposit; and (iv) 50% of the Consideration will be paid not later than December 10, 2019. This payment will be secured by a mortgage on the Plot.

 

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 signing a definitive agreement with the Purchaser. 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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