29th Jun 2016 14:58
LONDON (Alliance News) - Plaza Centers NV on Wednesday said it has received an initial payment of EUR11.0 million from the sale of the MUP development site in Belgrade, Serbia that was agreed in May.
Plaza Centers said it secured the initial payment, which counts toward the total due of EUR15.9 million, after certain conditions were met.
A further payment of EUR300,000 is due before the end of November and the other EUR4.6 million will be paid in September 2017. Plaza will be entitled to an additional pending payment of EUR600,000 once the purchaser successfully develops at least 69,000 square metres above ground.
In line with Plaza Centers' restructuring plan, 75% of the disposal proceeds will be distributed to bondholders.
Plaza shares were untraded on Wednesday, last trading at 2.75 pence.
By Joshua Warner; [email protected]; @JoshAlliance
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