Term Sheet signed in respect of plot in India

RNS Number : 7239T

Plaza Centers N.V.

05 July 2018

 

5 July 2018

Plaza Centers N.V.

Term Sheet signed in respect of plot in Chennai, India

Plaza Centers N.V. ("Plaza" or the "Company") announces that its subsidiary Elbit Plaza India Real Estate Holdings Limited (in which Plaza holds a 50% stake with its joint venture partner, Elbit Imaging Ltd.) ("EPI"), has signed a term sheet with its local partner (please see the announcement from 2 August 2016) ("Buyer"), relating to the sale of EPI's Indian subsidiary ("SPV") that holds 74.7 acre plot in Chennai, India ("Term Sheet").

Under the terms of the Term sheet, the Buyer shall have 60 (sixty) days to conduct due diligence only with respect to the SPV, following which definitive agreements, for the sale of the SPV in consideration for INR 110 Crores (circa €13.8 million) (subject to adjustment with respect to the previous deposit that was placed and the existing cash in the SPV level), shall be signed and closing shall take place on the same day.

It is hereby noted that, at this stage, the above mentioned transaction is still subject to satisfactory due diligence results.

Ends

For further details please contact:

Plaza

Avi Hakhamov, Acting CEO                                                         [phone]

FTI Consulting

Dido Laurimore / Claire Turvey / Tom Gough                                 [phone]

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 N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EI"), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and on the NASDAQ Global Market in the United States. Plaza Centers has been active in real estate development in emerging markets for over 22 years.

 

END

 

 

DISSSMSUIFASEFW