PRELIMINARY SALE OF PLOT IN LODZ, POLAND

RNS Number : 8679H

Plaza Centers N.V.

13 June 2017

 

13 June 2017

PLAZA CENTERS N.V.

PRELIMINARY SALE OF PLOT IN LODZ, POLAND

Plaza Centers N.V. ("Plaza" or the "Company") announces that it has signed a preliminary sale agreement for the disposal of a 13,770 sqm plot at its second land holding in Lodz, Poland, (representing 22% of this holding) to a retail developer, for €1.2 million.

As part of the agreement, the purchaser will pay advance payments totalling 10% of the sale price, comprising an immediate instalment of €35,000 followed by an instalment of €85,000 when the purchaser obtains zoning. The remaining balance will be paid once a building permit has been obtained for development of the land which is expected to be granted within 12-15 months from the signing of this preliminary sale agreement.

In line with the Company's stated amended restructuring plan, 75% of the net cash proceeds will be distributed to Plaza's bondholders.

Ends

For further details, please contact:

Plaza

Dori Keren, CEO                                                                        [phone]

FTI Consulting

Dido Laurimore / Claire Turvey / Tom Gough                                [phone]

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.

 

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