16th Sep 2015 13:46
LONDON (Alliance News) - Plaza Centers NV said Wednesday said its joint venture with Elbit Imaging Ltd, Elbit Plaza India Real Estate Holdings Ltd, has agreed to sell its 80% stake in a company that owns a 74.7 acre plot in Chennai, India, for EUR21.6 million.
The long-stop date for the sale agreement, which is subject to certain conditions, is January 15 2016. If the sale is not completed by that date then Elbit Plaza's stake in the company that owns the plot, Kadavanthara Builders Private Ltd, will be increased to 100%.
The company said the sale is in line with its strategy to focus on its core projects in Central and Eastern Europe.
Shares in Plaza Centers were untraded Wednesday. It last closed at 3.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
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