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Elbit ties up with Plaza centers to develop projects in India
| August 26, 2008 |  (Be the first to rate this story!) Loading ... |
Elbit Imaging Ltd announced through a press release that it has signed a joint venture agreement with its subsidiary, Plaza Centers, a leading emerging markets property developer in Central and Eastern Europe and in India for the development of major projects in India. The three projects, located in Bangalore, Chennai and Cochin, will have a total combined development budget of approximately US$3.4 billion and a built-up area in excess of 3.8 million sqm (excluding parking spaces).
Under this agreement Plaza will acquire 47.5% stake in Elbit India Real Estate Holdings Limited, which already owns, directly and indirectly, stakes of between 50% and 80% in three mixed use projects in India, in conjunction with local Indian partners. EI and Plaza shall have equal voting rights in the Joint Venture Company. Plaza will pay a nominal amount to the JV for the 47.5% shareholding, plus circa US$126 million to EI reflecting 50% of all loans and financing granted to date to the JV by EI. The loans and financing were used to purchase real estate and for other associated costs related to the JV’s real estate activities.
News Published Under: Real Estate Developers |
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