Elbit Imaging Ltd (EMITF)

[midastouch017]

SALE OF KIELCE PLAZA & UPDATE RE DEVELOPMENT PLOT
Thu, 13th Oct 2016 08:00

13 October 2016

PLAZA CENTERS N.V.

PRELIMINARY SALE OF KIELCE PLAZA AND UPDATE RE DISPOSAL OF GREEK DEVELOPMENT PLOT


Plaza Centers N.V. ("Plaza" or the "Company"), a leading emerging markets property developer, announces that it has signed a preliminary sale agreement for the disposal of a 2.47 hectare plot in the centre of Kielce, Poland, for ?2,280,000.

As part of the sale process, Plaza has received a down payment of ?465,000, while the remaining ?1,815,000 will be paid within eight months of this agreement.

On completion of the transaction, in line with the Company's stated restructuring plan, 75% of the net cash proceeds will be distributed to Plaza's bondholders.

The Company also announces that, further to its statement issued on 8 April 2016 regarding a pre-agreement to sell a development plot in Greece which was due to have completed within a six?month period, the purchaser has been provided with an extension to complete the transaction, to the second part of November 2016.

http://www.lse.co.uk/regulatory-news-article.asp?ArticleCode=szq8utqp&ArticleHeadline=SALE_OF_KIELCE_PLAZA__UPDATE_RE_DEVELOPMENT_PLOT

I failed to comprehend whether amounts are in USD, i would
suppose that would be the case. At any rate EMITF will PR it
as well!