16th Nov 2016 15:43
LONDON (Alliance News) - Plaza Centers NV said Wednesday its joint venture Elbit Plaza India Real Estate Holdings Ltd is considering its options in regards to a sale agreement for its site in Bangalore.
In September the venture, in which Plaza has a 50% stake, agreed to sell its interest in a special purpose vehicle that holds the site in Bangalore to an undisclosed local investor.
Whilst the purchase paid in advance the equivalent of EUR650,000, it has informed the venture it will be unable to make the advanced payments due in the fourth quarter of 2016 under the sale agreement.
The sale agreement determined that, if the purchaser fails to make the advanced payments, Elbit Plaza will be able to enforce its rights under the sale agreement, including executing securities. As such, Elbit Plaza is now considering its options in regards to the agreement.
Shares in Plaza Centers were untraded Wednesday. They last closed at 180.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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