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(Alliance News) - Property firm Plaza Centers NV on Tuesday said a 50% owned investee has secured EUR2.1 million from a company which it sold a 74.7 acre plot to.
Plaza Centers said it is entitled to just shy of EUR1.1 million of the funds, with Elbit Imaging Ltd, the holder of the remaining 50% stake, will receive the rest of the funds.
In December, Plaza Centers said that following a request by the purchaser, it extended the sale of the Chennai, India land plot by an additional three months.
Under the terms of the extension, Plaza Centers in December said the purchaser paid a deposit of EUR625,000 to gain an additional three months to March 3, 2020 to complete the closing of the purchase. This may be extended by another three months until June 3 next year provided the purchaser makes an additional 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.
Shares in the company were untraded at 37.50 pence each in London on Tuesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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