TEL AVIV, ISRAEL / ACCESSWIRE / July 5, 2018 / Elbit Imaging Ltd. ("EI" or the "Company") (EMITF.TA) (EMITF) announced today, further to its press release dated August 2, 2016 (regarding Elbit Plaza India Real Estate Holdings Limited ("EPI") (a jointly controlled subsidiary in which the Company and its subsidiary, Plaza Centers N.V. ("Plaza") each hold a 50% stake) signing a Joint Development Agreement with a local Indian partner (the "Buyer") relating to its 74.7 acre plot in Chennai, India (the "Plot")) that EPI has signed a term sheet with the Buyer in respect to the sale of EPI's subsidiary ("SPV") that holds the Plot (the "Term Sheet").
Under the terms of the Term Sheet, the Buyer shall have a period of 60 (sixty) days to undertake a due diligence process solely with respect to the SPV, following which definitive agreements for the sale of the SPV, in consideration for INR 110 Crores (approximately €13.8 million, subject to adjustment with respect to the previous amount deposited and the existing cash in the SPV) shall be signed and closing shall take place on the same day.
It is hereby noted that the aforementioned transaction is still subject to satisfactory due diligence results.
About ElbitImaging Ltd.
Elbit Imaging Ltd. operates in the following principal fields of business: (i) Medical Industries through our indirect holdings in Insightec Ltd. and Gamida Cell Ltd.; (ii) Plots in India which are designated for sale (and which were initially designated for residential projects); (iii) Plots in Eastern Europe which are designated for sale (and which were initially designated for development of commercial centers).
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CEO and Chairman of the Board of Directors
SOURCE: Elbit Imaging Ltd.