Last checked at 8 Nov 2013 16:00
8 November 2013
PLAZA CENTERS N.V.
PLAZA COMPLETES REFINANCING LOAN OF €59.3 MILLION FOR RIGA PLAZA
Plaza Centers N.V. ("Plaza" or the "Company"), a leading emerging markets property developer, today announces that its Latvian 50% subsidiary has signed a new €59.3 million investment loan with a consortium comprising two banks for its shopping and entertainment centre in Riga, Latvia. The new facility has a duration of four years and therefore substantially lengthens the duration of the debt compared to the previous loan facility, which was due for repayment on 30 June 2014.
Located in Riga, Latvia, the Riga Plaza shopping and entertainment centre was opened to the public in March 2009 and is now established as a dominant retail destination in the Latvian capital. With a gross lettable area ("GLA") of 50,000 sqm, the scheme is Plaza's largest current active shopping centre asset and is circa 96% let to major local and international tenants including H&M, Peek & Cloppenburg, Zara, Bershka, Apranga, Mango, Reserved, Douglas, Multikino, Fantasy Park, Prisma Hypermarket and many more.
The successful refinancing of the loan secured against Riga Plaza is a strong endorsement of the excellent performance of the shopping centre as a result of our asset management initiatives. As reported in August, Riga Plaza has experienced impressive growth with a total increase of 20% in turnover during the second quarter of 2013 and a 17% increase in turnover in the third quarter of 2013 (both compared to the same period last year) and a constant increase in footfall. Against a backdrop of a solid improvement in Latvia's economy (Latvia was the EU's fastest growing economy in 2012) we expect this trend at Riga Plaza to continue.
For further information, please contact:
Plaza
Ran Shtarkman, President and CEO +36 1 462 7221
Roy Linden, CFO +36 1 462 7222
FTI Consulting
Stephanie Highett / Nina Legge +44 20 7831 3113
Notes to Editors
Plaza Centers N.V. (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, on the Warsaw Stock Exchange (LSE:"PLAZ", WSE: "PLZ/PLAZACNTR"). Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EI"), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and on the NASDAQ Global Market in the United States. 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 17 years.