Disposal

RNS Number : 5278Y

Plaza Centers N.V.

01 December 2014

 



1 December 2014

Plaza Centers N.V.

PLAZA CENTERS COMPLETES SALE OF HUNEDOARA SITE IN ROMANIA

Plaza Centers N.V. ("Plaza" or the "Company"), announces that it has reached an agreement to sell its 41,000 sqm site in Hunedoara, Romania to a third party developer for €1.2 million, consistent with the asset's last reported book value.

The disposal is in line with the Company's ongoing strategy to deleverage the business and to dispose of non-core trading assets and focus on the core yielding assets across the portfolio. In line with the Company's stated restructuring plan, 75% of the cash proceeds will be distributed to the Company's bondholders this month as an early repayment.

Ends

For further details, please contact:

Plaza

Ran Shtarkman, President and CEO                                                        [phone]

Roy Linden, CFO                                                                                   [phone]

SPARK Advisory Partners Limited

Mark Brady, Partner                                                                               [phone]

Neil Baldwin, Partner                                                                              [phone]

FTI Consulting

Stephanie Highett / Dido Laurimore / Claire Turvey                                    [phone]

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 18 years.

 

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