18th May 2016 12:43
LONDON (Alliance News) - Emerging markets property developer Plaza Centers NV on Wednesday said its occupancy improved year-on-year in the first quarter as it completed a series of asset disposals.
Plaza Centers said its like-for-like occupancy rate grew to 95.9% in the first quarter to the end of March, from 94.0% at the same point a year earlier.
Revenue from the Riga Plaza property in Latvia, which Plaza Centers agreed to sell earlier this week for EUR93.4 million, grew in the first quarter, as did turnover at the Suwalki Plaza and Zgorzelec properties in Poland. Revenue from Torun Plaza, also in Poland, fell in the quarter amid increased refurbishment activity, which hit footfall.
In 2016 so far, Plaza Centers has agreed EUR120.0 million worth of disposals, the largest of which was Riga Plaza. It also has agreed to sell Liberec Plaza in the Czech Republic and a development plot in Greece so far this year.
The company announced on Wednesday that Yitshak Elias has stepped down as chief financial officer for personal reasons. Eitan Farkas, chief controller of Plaza Centers, will step in as finance director.
Plaza Centers shares were untraded on Wednesday, having last traded at 3.02 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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