Disposal

RNS Number : 8304Q

Plaza Centers N.V.

04 September 2014

 



4 September 2014

Plaza Centers N.V.

PLAZA CENTERS COMPLETES SALE OF TARGU MURES SITE IN ROMANIA

Plaza Centers N.V. ("Plaza" or the "Company"), today announces that it has reached an agreement to sell its 31,500 sqm site in Targu Mures, Romania to a third party developer for €3.5 million, consistent with the asset's last reported book value.

Ran Shtarkman, President and CEO of Plaza Centers N.V., said:

"A number of years ago, we identified this site as a potential location for the development of a shopping and entertainment centre but market conditions in Romania have altered significantly during the intervening period.

"This disposal is in line with our ongoing strategy both to deleverage and to dispose of non-core assets and focus on the core yielding assets across our portfolio.  The proceeds we have secured from the sale are in-line with our cash flow forecasts."

For further details, please contact:

Plaza

Ran Shtarkman, President and CEO                                                     [phone]

Roy Linden, CFO                                                                                 [phone]

FTI Consulting

Stephanie Highett / Claire Turvey / Nina Legge                                     [phone]

Notes to Editors

Plaza Centres 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 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. It has been active in real estate development in emerging markets for over 18 years.

 

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