Last checked at 5 Feb 2019 17:36
February 5, 2019
PLAZA CENTERS N.V.
PRE-AGREEMENT FOR THE SALE OF A LAND PLOT IN BRASOV, ROMANIA
Plaza Centers N.V. ("Plaza" or the "Company") announced today that it has signed a Pre-Agreement for the sale of a plot in Brasov, Romania (the "Property") for a total gross amount of EUR 620,000 (the "Transaction") which is slightly above the last reported book value.
The consummation of the Transaction (which will take place not later than January 15, 2020) is subject to the fulfillment of certain conditions, including, inter alia: (i) the former financing bank of the Project did not exercise its right to purchase the Property until December 6, 2019 (as disclosed in Note 8(9) of the Company's annual financial statements 2017); (ii) successful conclusion by the potential purchaser (the "Purchaser") of its due diligence investigations; and (iii) the execution of definitive agreement.
During the period commencing on the date of the execution of the Pre-Agreement and ending on the earlier of: (i) January 15, 2020, or (ii) the date of the termination of the Pre-Agreement, the Company and its representatives have undertaken to refrain from negotiating with any other third party other than the Purchaser (and other than the bank as mentioned above) for the purpose of selling its Plot of land.
As of the date hereof, there can be no certainty that a definitive agreement will be signed and/or that the Transaction will be consummated.
Ends
For further details, please contact:
Plaza
Avi Hakhamov, Acting CEO +36 1 6104523
Forward-looking statements
This press release may contain forward-looking statements with respect to the possibility of completing the Transaction. Such statements are based on current expectations, estimates and projections of Plaza Centers N.V. and information currently available to the company. Plaza Centers N.V. cautions readers that such statements involve certain risks and uncertainties that are difficult to predict and therefore it should be understood that many factors can cause actual performance and position to differ materially from these statements. Plaza Centers N.V. has no obligation to update the statements contained in this press release, unless required by law.
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is listed on the Main Board of the London Stock Exchange, as of 19 October 2007, on the Warsaw Stock Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on the Tel Aviv Stock Exchange. Plaza Centers has been active in real estate development in emerging markets for over 23 years.