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(Alliance News) - Plaza Centers NV on Friday said it has granted another three-month extension to the buyer of its plot located in the Indian city of Chennai.
The property firm said the purchaser of the 74.7 acre plot worth EUR13.5 million has requested an additional three months to close the sale.
In December, the purchaser - whose identity was not disclosed - paid a deposit of EUR625,000 to gain an additional three months until March 3 to complete the closing of the purchase. At the time, Plaza Centers said another three months could be granted until June 3 provided the purchaser makes an additional payment.
On Friday, the Netherlands-based company said it received a further payment of EUR61,000 and added that closing may be extended for a further three months provided the purchaser makes another payment. If the purchaser is unable to complete the closing within the stipulated time periods, a real estate consulting firm will be appointed to identify a third-party buyer for the land within six months.
As at Friday, the purchaser has deposited around EUR3.1 million. The purchaser now has until June 3 to complete the transaction.
Plaza Center shares were untraded on Friday afternoon in London, last quoted at 32.50 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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