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LONDON (Alliance News) - Emerging markets property developer Plaza Centers NV on Tuesday said it has sold the subsidiary which holds the MUP development site in Belgrade in Serbia for EUR15.9 million.
The sale is ahead of the last reported book value on the asset of EUR13.5 million, Plaza Centers said.
The MUP development is located at the former Ministry of Internal Affairs in Belgrade, at the entrance to the city's old town and sitting on the main thoroughfare. The potential development on the site will be a mixed-use scheme including residential, retail and office units, a hotel and underground parking.
The deal comes after Plaza Centers agreed on Monday to sell the Riga Plaza shopping and entertainment centre in Latvia for EUR93.4 million.
In line with the Riga deal, Plaza Centers said 75% of the proceeds from the sale of the MUP property will be distributed to the company's bondholders under its restructuring programme.
"Following the sale of Riga Plaza, this is another strong result for us as we work intensively towards the disposal of certain non-core or mature assets in our portfolio," said Dori Keren, the acting chief executive of Plaza Centers.
"The disposal will enable us to return further proceeds to our bondholders in line with our continuous efforts to reduce the company's debt, and further re-focus on our core business," Keren added.
Plaza Centers shares were down 7.7% to 3.00 pence Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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