10th Apr 2019 15:06
LONDON (Alliance News) - Plaza Centers NV on Wednesday said its unit agreed to extend the closing date for the sale of a vehicle which holds a site in Bangalore, India, to November from August.
The closing date can be further extended to August 2020, Plaza Centers said, subject to mutually agreed payment terms. In addition, the consideration will also be increased to EUR45.6 million from EUR43.4 million agreed previously.
Elbit Plaza India Real Estate Holdings Ltd, a 47.5%-owned unit of Plaza Centres, has to-date received EUR10.3 million for the sale of the vehicle.
The remaining EUR35.4 million will be paid in two tranches, with EUR6.4 million in unequal monthly instalments until November and EUR29.0 million upon completion of the transaction.
Plaza Centers noted, however, that Elbit Plaza India and an undisclosed purchaser of the vehicle have not yet signed a revised agreement and there is no certainty that such a revised agreement will indeed be signed and what its final terms will be.
Plaza Centers shares were untraded on Wednesday, last closing at 25.00 pence each.
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