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(Alliance News) - Plaza Centers NV said Thursday it has signed a pre-sale agreement with AFI Europe NV, a subsidiary of Africa Israel Properties Ltd, for the sale of is 75% stake in the Casa Radio project in Romania for up to EUR60 million.
Specifically, the real estate developer will be selling the subsidiary that holds the 75% interest in the Dambovita Center project.
The first stage of the agreement is a down payment of EUR200,000, following the compilation of due diligence.
Once due diligence is completed, which is expected to be completed on September 5, both parties have 15 months to execute a share purchase agreement, upon which EUR20 million will be paid.
After this, there will be the issue of a building permit for the project phase one development, for which AFI Europe will pay EUR22 million. The final stage is the obtaining of all permits needed for operating the development, during which the remaining payment will be made.
Alongside due diligence completion, regulatory approval and confirmation of a 49-year lease period, the sale is also subject to shareholder and bondholder approval.
Shares in Plaza Centers were untraded on Thursday, last quoted at 15.00 pence.