Plaza Centers N.V. SUWALKI PLAZA SALE COMPLETES FOR EUR 42.3 MILLION (6478V)
February 01 2017 - 3:00AM
UK Regulatory
TIDMPLAZ
RNS Number : 6478V
Plaza Centers N.V.
01 February 2017
1 February 2017
PLAZA CENTERS N.V.
SUWA KI PLAZA SALE COMPLETES FOR EUR 42.3 MILLION
Plaza Centers N.V. ("Plaza" or the "Company"), an emerging
markets property developer, announces that, further to its
announcement on 22 December 2016, one of its subsidiaries ("SPV")
has completed the sale of Suwa ki Plaza shopping and entertainment
centre in Poland to an investment fund for EUR42.3 million, which
is in line with the last reported book value.
Having completed the transaction, the Company has now received
circa EUR16 million net cash, after the repayment of the bank loan
(circa EUR26.6 million), and other working capital adjustments in
accordance with the balance sheet of the SPV.
Suwa ki Plaza with its 20,000 sqm GLA is the only shopping
centre in Suwa ki, a Polish city with population of circa 75,000,
close to the border with Lithuania. It is located next to a major
road which connects the Baltic countries to Poland and has a
potential catchment area of 200,000 inhabitants. The centre is
fully let.
Out of the net proceeds, at least 75% will be distributed to the
Company's bondholders by or before 31 March 2017, in line with the
Company's stated amended restructuring Plan.
Dori Keren, CEO at Plaza Centers, said:
"Plaza successfully executed the development of Suwalki Plaza
followed by its launch in May 2010 as well as the continued
management of the centre. It is now a very strong and appealing
retail scheme in this special location in the north-east part of
Poland, producing high levels of occupancy, footfall and
turnover.
Ends
For further details, please contact:
Plaza
Dori Keren, CEO +48 22 231 99 00
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is an emerging markets
developer of shopping and entertainment centres. 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, as of 19
October 2007, on the Warsaw Stock Exchange (LSE: "PLAZ", WSE:
"PLZ/PLAZACNTR") and, on the Tel Aviv Stock Exchange. 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 on the NASDAQ Global Market in the
United States. Plaza Centers has been active in real estate
development in emerging markets for over 21 years.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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