LONDON (Alliance News) - Plaza Centers NV Friday said it has made progress in 2014, with a number of its shopping centres in Central and Eastern Europe enjoying significant growth in footfall, revenue and occupancy levels.
In an interim management statement for the three months to March 31, the property firm said occupancy levels at five of its six shopping centres exceeded 92% during the period.
Plaza said an operational highlight was the opening a 2,711 square metre TK MAXX store on the ground and first floor of Torun Plaza in March, bringing the occupancy at the shopping site in Poland to almost 94%.
Overall, footfall increased, on average, by 6.7% across all centres during the first quarter compared with the average footfall in the first quarter 2013.
"Whilst volatile and by no means a linear improvement, our portfolio of high quality, destination shopping centres should be particularly well positioned to benefit," Chief Executive Ran Shtarkman said in a statement.
"We therefore continue to apply our expertise and intensive management skills to secure maximum capital and income growth from our income-generating assets, with the aim - ultimately - to prepare them for sale in a recovering property investment market climate," he added.
Plaza said it has also made progress regarding debt restructuring.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com;
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Plaza (PLAZ)