Plaza Share News (PLAZ)

Shares of Plaza Centers shot ahead after it announced that it is to sell 47 of its US based shopping centres in a deal valued at $1.428bn.The shopping centres, located across 20 US states, are to be bought by BRE DDR Retail, a joint venture between Blackstone Real Estate Advisors. Of transaction value of $1.428bn, a total of $934m shall be paid by the way of assumption of the property level debt unless repaid by EPN. Excess cash of $30m will be retained by the vendor, Plaza Centers explained. The transaction is expected to close in June 2012.Plaza Centers said it does not expect a material impact from the transaction on its income statement, as the properties were measured at fair value in its consolidated financial statements for the previous periods. Following the sale of the 47 properties, EPN Group will continue to hold two properties located in the US that are valued at around $43m with total non-recourse secured debt of roughly $14m.cj