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Buyer of Plaza Centers JV plot pays January installment despite stoppage notice

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Buyer of Plaza Centers JV plot pays January installment despite stoppage notice

In an update on the sale of a Bangalore, India, site to a local investor, Plaza Centers NV said the buyer has paid the 50 million-Indian-rupee installment for January despite a previous notice it issued to stop the remaining payments.

Since the deal was signed, the buyer has already paid 450 million rupees of nonrefundable advance payments out of the 3.38 billion rupees total consideration for the plot, which is owned by a joint venture vehicle between Plaza Centers and Elbit Imaging Ltd.

The buyer has issued the payment stoppage notice after Indian authorities proposed a change that could potentially affect the land's development.

The Netherlands-based shopping and entertainment centers developer said in a release that it still rejects the purchaser's claims and regularly evaluates its options and legal rights.

As of Feb. 21, US$1 was equivalent to 64.81 Indian rupees.