Plaza Centers N.V. COMPLETED SALE OF TORUN PLAZA (1044X)
November 21 2017 - 10:30AM
UK Regulatory
TIDMPLAZ
RNS Number : 1044X
Plaza Centers N.V.
21 November 2017
21 November 2017
PLAZA CENTERS N.V.
COMPLETED SALE OF TORU PLAZA
Plaza Centers N.V. ("Plaza" or the "Company") announces that,
further to its announcements dated 21 June 2017, 30 August 2017, 25
October 2017 and 6 November 2017, one of its subsidiaries has
completed the sale of Toruń Plaza shopping and entertainment centre
in Poland ("Project") to a private investment fund for a purchase
price reflecting a total forecasted value for the Project of
EUR70.6 million, including circa EUR1.1 million which may be due as
an earn out payment.
The Company has now received circa EUR14.6 million, while
another EUR13.7 million shall be paid within seven days. This net
cash is after the deduction of the bank loan (circa EUR43.3
million), and other working capital adjustments in accordance with
the balance sheet of the SPV holding the Project. The above
mentioned sums do not include the earn out payment of circa EUR1.1
million which may be due at the end of May 2018 if new leases are
signed by the end of April 2018.
Torun Plaza with its 40,000 sqm GLA is one of the largest
shopping centres in the region and is close to being fully let. It
is located in Toruń, a Polish city with population of circa
205,000. Toruń Plaza began to be developed by Plaza Centers in 2007
and opened to the public in 2011, with leases to many international
brands.
Dori Keren, CEO at Plaza Centers, said: "Plaza successfully
executed the development of Toruń Plaza, followed by its launch and
handled ongoing management of the centre. The quality of this asset
includes its attractive design, its dominant position in the city
of Toruń and the good mix of reputable tenants. The professional
way it has been managed by the Company's management team has
contributed to its ongoing success and appeal. All this and more
are part of the story that has characterised Plaza Centers for more
than two decades of specialising in the development of shopping
centres with a focus on Eastern Europe, developing 35 shopping
centres during this time."
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. 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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