LONDON (Alliance News) - Plaza Centers NV said Monday that unit Elbit Plaza India Real Estate Holdings Ltd has terminated the sale of a 74.7 acre plot located in Chennai, India, due to failure of the unnamed purchaser to complete the transaction.
Elbit Plaza India Real Estate, which is equally owned by Plaza Centers and and Elbit Imaging Ltd, has also terminated the joint development agreement of the land plot with the purchaser.
Plaza Centers said that Elbit Plaza India Real Estate is now considering all legal measures to it to protect its interest.
In January, Plaza Centers granted an extension to the potential buyer of the Chennai land plot to complete the transaction by mid-February.
London listed shares in Plaza Centers were trading 8.6% lower at 32.0 pence each on Monday afternoon.
Plaza (PLAZ)