Plaza Centers N.V.
14 July 2016
PLAZA CENTERS N.V.
SALE OF PLOT IN PLOIESTI, ROMANIA
Plaza Centers N.V. ("Plaza" or the "Company"), a leading emerging markets property developer, announces that it has disposed of an 18,400 sqm plot in a suburb of Ploiesti , Romania to a local investor for €280,000.
Ploiesti is located around 50 kilometres north of the Romanian capital, Bucharest and the plot is currently earmarked for residential development.
Upon completion of the disposal, in line with the Company's stated restructuring plan, 75% of the net cash proceeds will be distributed to Plaza's bondholders.
Dori Keren, Acting Chief Executive Officer of Plaza Centers N.V., said:
"This sale is part of our ongoing portfolio repositioning strategy, whereby we are disposing of our non-core assets in order to focus on a core set of properties that will enable us to deliver higher quality income, strengthen our balance sheet and continue to progress the implementation of the Restructuring Plan."
Ends
For further details, please contact: |
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Plaza |
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Dori Keren, Acting CEO |
+ 48 22 231 99 00 |
Eitan Farkas, Financial Director |
+36 1 462 7140 |
FTI Consulting |
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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.
