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LONDON (Alliance News) - Shares in Plaza Centers NV rose on Monday after it signed a non-binding letter of intent with AFI Europe NV for the sale of its 75% holding in the Casa Radio project in Romania for EUR60 million.
Shares in the real estate development company were up 29% at 45.00 pence on Monday.
AFI Europe is a subsidiary of Africa Israel Properties, a real estate company.
Plaza Centers currently hold a 75% in the shopping mall and hotel project, with the remainder held by Romanian authorities and an unnamed private investor.
Once the letter of intent is published, AFI Europe will be given three months to conduct due diligence investigations, after which a pre-sale agreement will be signed.
Within the pre-sale agreement, AFI will make a non-refundable down payment of EUR200,000, and after 15 months, a sale agreement will be signed, where the rest of the payment will be made.
The sale is subject to certain conditions, including completion of due diligence, regulatory approval, and confirmation of a 49-year lease period to dated from 2012 at the earliest.