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2 Jun 2008 08:00
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2Β JuneΒ 2008Β
PLAZA CENTERSΒ ACQUIRES SITE INΒ LESZNO,Β POLAND
Plaza Centers N.V. ("Plaza" or the "Company"),Β a leading emerging markets property developer, today announces that itΒ has acquired aΒ 17,000 sqmΒ site in Leszno, Poland for the development of aΒ majorΒ new shoppingΒ andΒ entertainmentΒ centre.Β Β
This is theΒ secondΒ new project Plaza has secured inΒ PolandΒ since its successful listing on the Warsaw Stock Exchange in October 2007, and represents itsΒ 13thΒ project in the country. Since 1996Β Plaza has built, managed and sold a total of seven shopping centresΒ inΒ PolandΒ and isΒ poised to start construction on a furtherΒ fourΒ shopping and entertainment centres located in Suwalki, Torun, KielceΒ and Zgorzelec and a mixed-use project in Lodz.Β
The site is ideally located in the centre of Leszno, a city with 64,000 inhabitants,Β situatedΒ in westernΒ PolandΒ between the two big economicΒ centres ofΒ PoznanΒ andΒ Wroclaw, and is close to the central railway and bus station.Β
On completion, the shopping and entertainment centre will have a gross built area of 23,000 sqm as well as a 450 space car park. It will provide space for over 70 shops, with a total lettable area of 16,000 sqm.
The projectΒ is expected to have a gross development budget ofΒ circa.Β β¬37Β million.Β Construction is expected to commence in the middle of 2009, with completion targeted for the end of 2010.
Commenting on theΒ acquisition,Β Ran Shtarkman, President and CEO of Plaza Centers N.V., said:Β
"Plaza hasΒ establishedΒ anΒ exceptionalΒ record inΒ PolandΒ for the construction of high quality, large scale, western style shopping and entertainment centres. With aΒ catchmentΒ area ofΒ 247,000 people within a 30km radius, this siteΒ in LesznoΒ is ideally located to attract a broad mix of highΒ profileΒ international and local tenants, and create footfall from a localΒ populationΒ who have not previously had access to high quality retail outlets.
"We believeΒ that this project willΒ enable usΒ to createΒ significant value, both for our shareholders and for the centre's tenants and visitors, andΒ willΒ further underline Plaza's position as the leading shopping centre developer both inΒ PolandΒ and the rest of Central andΒ Eastern Europe."Β
For further details please contact:
|
Plaza Mordechay Zisser, Chairman Ran Shtarkman, President and CEO Roy Linden, CFO |
+972 3 6086000 +36 1 462 7221 +36 1 462 7105 |
|
Financial DynamicsΒ Stephanie Highett/Laurence Jones |
+44 20 7831 3113 |
Notes to Editors
Plaza Centers N.V.Β (www.plazacenters.com) is a leading emerging markets developer of shopping and entertainment centres. It focuses on constructing new centres and, where there is significant redevelopment potential, redeveloping existing centres in both capital cities and important regional centres. The Company is dual listed on the Main Board of the London Stock Exchange and, as of 19 October 2007, the Warsaw Stock Exchange (LSE:"PLAZ", WSE: "PLZ/PLAZACNTR"). Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EIL"), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange inΒ IsraelΒ and the NASDAQ Global Market in theΒ United States.Β
Plaza Centers is a member of the Europe Israel Group of companies which is controlled by its founder, Mr Mordechay Zisser. It has been active in real estate development in emerging markets for over 12Β years.
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