Last checked at 7 Aug 2017 15:30
7 August 2017
PLAZA CENTERS N.V.
SALE OF PLOTS IN TIMISOARA AND CONSTANTA, ROMANIA
Plaza Centers N.V. ("Plaza" or the "Company"), an emerging markets property developer, announces that it has signed an agreement for the disposal of a plot totalling approximately 32,000 sqm in Timisoara, Romania, for €7.25 million, which is in line with book value.
The plot is situated in the north east of Timisoara, a city in western Romania, close to the border with Hungary, with a population of 320,000 inhabitants.
The Company also announces that it has completed the sale of a plot totalling approximately 30,000 sqm in Constanta, Romania, for €1.3 million, which is in line with book value.
The plot is located on one of the two main entrance roads to Constanta, a city located on the coast of the Black Sea and one of Romania's main industrial, commercial and tourist centres, with a population of approximately 290,000 inhabitants.
In line with the Company's stated amended restructuring plan, 75% of the net cash proceeds from both disposals will be distributed to Plaza's bondholders.
Ends
For further details, please contact:
Plaza
Dori Keren, CEO +48 22 231 99 00
FTI Consulting
Dido Laurimore / Claire Turvey / Tom Gough +44 20 3727 1000
Notes to Editors
Plaza Centers N.V. (www.plazacenters.com) is an emerging markets developer of shopping and entertainment centres. The Company is listed on the Main Board of the London Stock Exchange, as of 19 October 2007, on the Warsaw Stock Exchange (LSE: "PLAZ", WSE: "PLZ/PLAZACNTR") and, on the Tel Aviv Stock Exchange. 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 has been active in real estate development in emerging markets for over 21 years.