Plaza Centers N.V. Disposal (7968F)
May 29 2013 - 7:00AM
UK Regulatory
TIDMPLAZ
RNS Number : 7968F
Plaza Centers N.V.
29 May 2013
29 May 2013
Plaza Centers N.V.
PLAZA CENTERS COMPLETES FIRST EXIT IN INDIA WITH SALE OF STAKE
IN JV
- Transaction reflect asset values of circa EUR33.4 million
-
Plaza Centers N.V. ("Plaza" or the "Company"), a leading
emerging markets property developer, announces it has successfully
completed the sale of its 50% interests in a vehicle which mainly
holds interests in an office complex project located in Pune,
Maharashtra. The transaction values the assets collectively at
EUR33.4 million and, as a result, Plaza has received gross cash
proceeds of circa EUR16.7 million in line with its holding.
Ran Shtarkman, President and CEO of Plaza Centers N.V.,
said:
"In line with our strategy and disposal programme, I am happy to
announce our first exit in India. The sale of this 50% stake
represents what we hope will be the first in a number of future
additional realisations for the Company as we look to recycle
capital from stabilized completed projects and non-core assets both
in CEE and India, allowing us to reduce leverage.
"We will continue to progress with our intensive asset
management initiatives at our other assets both in CEE and India,
with a key focus on attracting new tenants and enhancing the
leisure and retail mix, thereby creating additional capital value
and income growth."
For further details, please contact:
Plaza
Ran Shtarkman, President and CEO +36 1 462 7221
Roy Linden, CFO +36 1 462 7222
FTI Consulting
Stephanie Highett / Daniel O'Donnell +44 20 7831 3113
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is a leading emerging
markets developer of shopping and entertainment centres with
operations in Central and Eastern Europe, India and the USA. It
focuses on constructing new centres and, where there is significant
redevelopment potential, redeveloping existing centres in both
capital cities and important regional centres. The Company is dual
listed on the Main Board of the London Stock Exchange and, as of 19
October 2007, the Warsaw Stock Exchange (LSE:"PLAZ", WSE:
"PLZ/PLAZACNTR"). Plaza Centers N.V. is an indirect subsidiary of
Elbit Imaging Ltd. ("EI"), an Israeli public company whose shares
are traded on both the Tel Aviv Stock Exchange in Israel and the
NASDAQ Global Market in the United States. Plaza Centers is a
member of the Europe Israel Group of companies which is controlled
by its founder, Mr Mordechay Zisser. It has been active in real
estate development in emerging markets for over 17 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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