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Wednesday, October 25, 2017 10:32:34 AM
TEL AVIV, ISRAEL / ACCESSWIRE / October 25, 2017 / Elbit Imaging Ltd. ("EI" or the "Company") (TASE: EMITF, NASDAQ: EMITF) announced today, in further to its announcements dated June 21, 2017 and August 30, 2017, that its subsidiary, Plaza Centers N.V. ("Plaza"), has concluded the final terms regarding the sale of shares in the SPV holding of the Torun Plaza shopping center in Poland ("Asset") to an investment fund.
The signing of the transaction has been set for the beginning of November 2017, with final closing and settlement expected by the end of November, conditional on the buyer receiving bank financing, which was already approved and is expected to be concluded during November 2017.
The agreement reflects an estimated value for the Asset of €70.6 million including an additional forecasted payment at the end of May 2018 for new leases signed by the end of April 2018 (if and to the extent that such agreements will be signed) ("earn out period").
The total expected net proceeds to Plaza, following the deduction of the related bank loan, earn out period, and other working capital adjustments in accordance with the balance sheet of the SPV, are estimated to be approximately €29.4 million.
The transaction is subject to the actual signing of a definitive agreement, the fulfillment of all conditions precedent that will be determined in the definitive agreement and the closing of the transaction.
About Elbit Imaging Ltd.
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