Plaza Regulatory News (PLAZ)

30 Nov 2006 07:03

Plaza Centers N.V.30 November 2006 30 November 2006 PLAZA CENTERS RECEIVES FINAL APPROVAL FOR MEGA PROJECT IN BUCHAREST Plaza Centers N.V. ("Plaza" or the "Company") is pleased to announce theacquisition of a 75% interest in a company which has entered into apublic-private partnership agreement with the Government of Romania to developthe approximately US$1 billion Casa Radio (Dambovica) scheme in Bucharest, thelargest development plot available in the city centre. The Romanian Governmentwill remain a 15% partner in the scheme. The acquisition, which was described in the Company's IPO prospectus, is afurther demonstration of Plaza's leading position in the CEE region. The Casa Radio development sits on a 9.195 hectare (22.7 acre) site located incentral Bucharest, incorporating a large area of the Bucharest city centre.Gara de Nord, the city's main railway station is nearby as well as the adjacentEroilor Metro Station and a number of trolley bus services which serve the site. The development of Casa Radio comprises approximately 360,000sqm, including: A 132,000sqm shopping mall and leisure centre (one of the largest in Europe),residential area, hotel, casino, hypermarket, convention and conference hall.Furthermore, two 135 metre tall towers of 53,000sqm each, which once completed,will be among the tallest buildings in Bucharest. Plaza will begin construction at the start of 2007. The development will confirmBucharest's position among the major and diverse cities in Europe and is asignificant addition to Plaza's mega, strategic development projects, such asthe large gambling and leisure resort on Dream Island in Budapest and the megaArena Plaza shopping centre which comprises 200,000sqm of build area. Commenting on the deal, Ran Shtarkman, CEO, Plaza Centers N.V. said: "We are delighted to have received approval from the Romanian Government todevelop this landmark scheme in the heart of Bucharest. The conclusion of thisagreement marks a significant step in the growth of Plaza Centers as a publiccompany." - ENDS - For further details please contact: Plaza Mordechay Zisser +972 3 608 6000 Ran Shtarkman +36 1 462 7221 Financial Dynamics +44 20 7831 3113 Stephanie Highett/ Dido Laurimore/ Adam Leviton Notes to Editors Plaza Centers is a leading emerging markets developer of shopping andentertainment centres, focusing on constructing new centres and, where there issignificant redevelopment potential, redeveloping existing centres, in bothcapital cities and important regional centres. The Company is an indirectsubsidiary of Elbit Medical Imaging Ltd. ("EMIL"), an Israeli public companywhose shares are traded on both the Tel Aviv Stock Exchange in Israel and theNASDAQ Global Market in the United States. Plaza Centers is a member of the Europe Israel Group of companies which iscontrolled by its founder, Mr Mordechay Zisser. It has been present in realestate development in emerging markets for over 10 years. This information is provided by RNS The company news service from the London Stock Exchange