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LONDON (Alliance News) - Plaza Centers NV on Wednesday said it has struck a deal to sell the Koregaon Park Plaza shopping mall in Pune, India for EUR35 million.
The net cash proceeds from the sale will be EUR7.2 million, the company said, adding the sale price is in line with its last reported book value.
It expects the deal to close in the next month.
"The disposal supports the company's ongoing strategy to deleverage the business and to reduce Indian activity in order to focus operations and to maximise income generation and resources on our core markets in Central and Eastern Europe," said Ran Shtarkman, Plaza Centers' chief executive.
Shares in Plaza Centers were untraded on Wednesday, having last traded at 3.06 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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