NEGOTIATIONS ON TWO ASSET DISPOSALS IN POLAND

RNS Number : 8711F

Plaza Centers N.V.

01 August 2016

 

1 August 2016

PLAZA CENTERS N.V.

DETAILS OF NEGOTIATIONS ON TWO ASSET DISPOSALS IN POLAND

Plaza Centers N.V. ("Plaza" or the "Company"), a leading emerging markets property developer, wishes to inform the market that it has signed a non-binding Letter of Intent ("LOI") with a global investment fund (the "Purchaser") regarding the sale of the Torun Plaza and Suwałki Plaza shopping and entertainment centres in Poland (together the "Portfolio").

The Portfolio comprises a total of circa 60,000 sqm of Gross Lettable Area, of which Torun Plaza represents approximately 40,000 sqm and Suwalki Plaza approximately 20,000 sqm. The total agreed value of the Portfolio is EUR 121 million, subject to adjustments on the basis of the in place net operating income (the "NOI") and future NOI.

The disposal is currently expected to complete by the end of October 2016. 

Under the terms of the LOI, the Portfolio will remain under Plaza's management until 31 December 2017, during which time the Company will continue to implement its asset management plans to further optimise the tenant mix and improve the rental income and the NOI.

At this point in time, there is no certainty that the transaction will be completed. Plaza will update the market on the progress of the transaction as appropriate.

Ends

For further details, please contact:
Plaza
Dori Keren, Acting CEO	+ 48 22 231 99 00
Eitan Farkas, Financial Director	+ 36 1 462 7140
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough	[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 20 years.

 

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