Update on the sale of the Cina property,Bucharest

RNS Number : 9891I

Plaza Centers N.V.

14 December 2015

 

14 December 2015

Plaza Centers N.V.

Update on the sale of the Cina property in Bucharest

Plaza Centers N.V. ("Plaza" or the "Company") announces that, further to the disclosure provided in the 2014 annual financial statements and the subsequent condensed consolidated financial statements, its Romanian subsidiary has now concluded the transaction to waive its leasing rights to the Cina property in Bucharest, which has been sold by the owner.

The expected gross cash proceeds due to Plaza's subsidiary is circa €2.7 million (out of a total consideration of €4 million) and the expected net proceeds, after related taxes and transaction costs, is circa €2.26 million.

In line with the Company's stated restructuring plan, 75% of the net cash proceeds from the transaction will be distributed to the Company's bondholders by the end of March 2016 as an early principal repayment.

Ends

For further details, please contact:

Plaza

Roy Linden, CFO                                                                                   [phone]

FTI Consulting

Dido Laurimore / Claire Turvey / Tom Gough                                             [phone]

Notes to Editors

Plaza Centers N.V. (www.plazacenters.com) is a leading property developer and investor with a significant presence across Central and Eastern Europe and operations in India.  It focuses on constructing new shopping and entertainment centres and, where there is significant 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. ("EIL"), 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 19 years.

 

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