Interups Inc (ITUP)

[adijas]

New 8k out

ITEM 8.01—OTHER EVENTS


Registrant signed terms for acquiring two residential towers, FAIA & ZEFA – Phoenix Kessaku, Bengaluru Karnataka India with 58 ultra luxuriously built residential apartment units admeasuring 425,413 square feet as a marquee piece Indian Residential REIT offering.


Projects FAIA and ZEFA forming part of this Transaction (hereinafter defined) are registered under Real Estate Regulatory Authority of India bearing registration number, PRM/KA/RERA/1251/309/PR/171015/000454 for FAIA and registration number, PRM/KA/RERA/1251/309/PR/171019/000449 for ZEFA. The Registrant intends to organize the residences into uber-luxury CXO private residences with full-service offices ensuite. Registrant is organizing strategic investor groups and structuring the transaction as a Residential REIT following Securities Exchange Board of India (‘SEBI’) guidelines.


TRANSACTION

29 apartments in FAIA building having saleable area of 2,34,356 sq. ft. (“FAIA Apartments”) and 29 apartments in ZEFA building having saleable area of 1,91,057 sq. ft. (“ZEFA Apartments”) on ‘as is where is’ basis.


This means that the said FAIA Apartments and ZEFA Apartments will be purchased in their current physical, layout and interior finishes condition. The total saleable area of the FAIA Apartments and ZEFA Apartments aggregates to 4,25,413 sq. ft. for a total consideration of INR 528,58,25,595 (US $ 72.50 Million approximately including conversion charges, parking slots, Deposits and Maintenance Charges as applicable.


PAYMENT TERMS

30 days for Due Diligence & Technical Evaluation

25% within 7 days of completion of Due Diligence

Balance within 7 days of completion of 120 days from the date of execution of Terms.

https://www.sec.gov/Archives/edgar/data/1554947/000155335020000781/itup_8k.htm