Israel’s Elbit Imaging’s 44.9% owned subsidiary, Plaza Centers N.V. has reached an agreement to sell Koregaon Park Plaza, the retail, entertainment and office scheme located in Pune, India for approximately €35 million ($39 million, 2, 500 million INR), consistent with the asset’s last reported book value.
The net cash proceeds (after repayment of the related bank loan, other liabilities and transaction costs) from the sale will be c. €7.2 million (S$ 8 million, 516.5 million INR).
The transaction is subject to the satisfaction of certain closing conditions which are expected to be fulfilled within one month.
Koregaon Park Plaza is a mixed use project that will feature a large-scale modern shopping center and a high-end office complex launched in 2012. The total project size (shopping center and office space) is 1.2 million square feet.
From Malls Market:
“Koregaon Park Plaza built on European concept, is a world class attraction with a premium retail mix and the epitome of “shop entertainment” where visitors will find a host of wonderful, engaging activities. The retail positioning of the mall is mirrored by its location in the heart of Pune, at Koregaon Park. This combination of centralised location and the mall’s world class architectural features positions Koregaon Park Plaza as an appealing destination for tourists & shopaholics of Pune.
“It has a retail space of 120 outlets with international brands like The Collective, L’occitane, Mac, Clinique, OVS Retail, Paris Hilton, Kitsch, Tommy Hilfiger, Swarovski, FCUK, CK, Adolfo Dominique etc.. Major Anchors consist of renowned brands like PVR-7 screen multiplex, Blu-o, Spar and Shoppers Stop. The Food Court also features various outlets like KFC, Subway, Mad About China, Indian Tadka, Madras Mail, New Zealand Naturals and Fine Dining Restaurants like Cafe Mangi, Indian Brew House, Rajdhani to name a few. This entire mix of brands makes Koregaon Park Plaza a unique destination where shopping, leisure & entertainment are synonymous with the elegant and unsurpassed style and luxury the mall offers.”
“Koregaon Park Plaza is a joint venture of Elbit Imaging and Plaza Centres(EPI). EPI is formed to establish real estate activities in India. EPI started its Indian operations in 2006 and currently employs 50 people as its core team. The group is at present developing 6 projects in Pune, Bangalore, Chennai and Kochi. The company has invested Rs.1400 Cr in India. Headquartered in Bangalore, EPI channelizes the group’s investments in India with the main focus on the development of major mixed use residential projects, shopping centers, hotels and entertainment centers.”