Plaza Centers N.V. AGREEMENT TO SELL LIBEREC PLAZA FOR EUR9.5 MILLION (0289R)
March 04 2016 - 3:30AM
UK Regulatory
TIDMPLAZ
RNS Number : 0289R
Plaza Centers N.V.
04 March 2016
4 March 2016
PLAZA CENTERS N.V.
AGREEMENT TO SELL LIBEREC PLAZA FOR EUR9.5 MILLION
Plaza Centers N.V. ("Plaza" or the "Company"), a leading
emerging markets property developer, announces that it has agreed
to sell its subsidiary holding Liberec Plaza, a shopping and
entertainment centre in the Czech Republic, for EUR9.5 million. In
line with the terms of the agreement, the buyer has deposited 15%
of the consideration in escrow. The due diligence process, final
closing and settlement is expected to conclude by the end of
March.
The disposal follows an agreement announced by Plaza on 29
September 2015 whereby a wholly owned subsidiary of Plaza ("PCE")
won a tender to buy the loan to the holding and operating company
for Liberec Plaza for EUR8.5 million.
Upon completion of the Liberec Plaza disposal, PCE will receive
EUR8.5 million on account of the bank loan it previously purchased.
Out of the remaining proceeds, 75% will be distributed to the
Company's bondholders by the end of June this year, in line with
the Company's stated restructuring plan.
Ends
For further details, please contact:
Plaza
Roy Linden, CFO +36 1 462 7222
FTI Consulting
Dido Laurimore / Claire Turvey
/ Tom Gough +44 20 3727 1000
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 and India. 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
listed on the Main Board of the London Stock Exchange, the Warsaw
Stock Exchange and, as of 27 November 2014, the Tel Aviv Stock
Exchange (LSE:"PLAZ"; WSE: "PLZ/PLAZACNTR"; TASE: "PLAZ"). 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. It has been active in real estate development
in emerging markets for over 20 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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