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LONDON (Alliance News) - Plaza Centers NV on Wednesday said it has sealed a deal to sell its 46,500 square metre development site in Iasi in Romania for EUR7.3 million.
Plaza Centers said the consideration has been paid in cash, and 75% of the proceeds will be returned to its bondholders by the end of September as an early principal payment, in line with its restructuring plan.
"Following the disposal of sites at Targu Mures and Hunedoara in Romania towards the end of last year, and the more recent exit from the Indian shopping and entertainment centre, this is yet another step forward in our efforts to dispose of non-core investments, reduce leverage and concentrate on the core assets in our main geographies," said President and Chief Executive Ran Shtarkman.
Plaza Centers shares were untraded Wednesday, having last traded at 3.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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