Plaza Centers N.V. UPDATE ON SUWLAKI PLAZA & TORUN PLAZA DISPOSAL (8606M)
19 October 2016 - 1:00AM
UK Regulatory
TIDMPLAZ
RNS Number : 8606M
Plaza Centers N.V.
18 October 2016
18 October 2016
PLAZA CENTERS N.V.
UPDATE ON THE DISPOSAL OF SUWLAKI PLAZA AND TORUN PLAZA
Plaza Centers N.V. ("Plaza" or the "Company") announces that its
subsidiary, Plaza Centers Polish Operations B.V., has signed a new
non-binding Letter of Intent (the "LOI") with an investment fund
(the "Purchaser") regarding the sale of Suwa ki Plaza shopping and
entertainment centre in Poland. The LOI, which binds the Purchaser
to a set of strict timelines in order for the transaction to
conclude during the fourth quarter of this year, values the asset
at EUR42.3 million. Should the transaction complete as planned,
following the repayment of the existing bank loan, the expected net
proceeds to the Company are estimated at circa EUR15 million.
While a non-binding Letter of Intent had previously been signed
with another global investment fund, with respect to both Torun
Plaza and Suwalki Plaza, as announced on 1 August 2016, this party
failed to meet the agreed terms of the transaction and, therefore,
its exclusivity on the sale expired. Plaza is continuing to explore
options for a separate sale of Torun Plaza.
While it is expected that the disposal of Suwa ki Plaza will be
finalised in the fourth quarter of this year, 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.
The sale of Suwalki Plaza is consistent with the Company's
stated strategy to oversee an orderly disposal of its mature assets
in order to reduce Company debt levels.
Ends
For further details, please contact:
Plaza
+ 48 22 231 99
Dori Keren, Acting CEO 00
Eitan Farkas, Financial Director + 36 1 462 7140
FTI Consulting
Dido Laurimore / Claire Turvey
/ Tom Gough +44 20 3727 1000
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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