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LONDON (Alliance News) - Plaza Centers NV Tuesday said it has received a building permit to develop Timisoara Plaza, a shopping and entertainment centre in Timisoara, Romania, and said it has also agreed a binding financing offer with the Hungarian Export-Import Bank PLC for around 65% of the project cost.
The Timisoara Plaza will comprise around 120 retail units including a hypermarket complex, international fashion retailers, a leisure and entertainment centre, and a food court. Construction is expected to commence in the autumn, with completion estimated during the first half of 2017.
"This is yet another step forward for Plaza, following the recent receipt of the permit to begin construction on Belgrade Plaza, as we continue to build the business with a focus on core geographies in Central and Eastern Europe. Our ability to achieve another cross-border financing demonstrates once again the confidence banks have in the development abilities of Plaza. We view Timisoara very favourably; it is Romania's third most populated city, has the lowest unemployment rate in the country and is the second biggest contributor to Romania's GDP. After a busy period of transactions, we have now sold a number of our non-core assets and recycled the capital available, after bondholder repayments, into projects that will support income growth and deliver future value," Chief Executive Ran Shtarkman said in a statement.
Shares in Plaza Centers were untraded on Tuesday, last trading at 2.83 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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