21st Jun 2016 15:22
LONDON (Alliance News) - Emerging markets property developer Plaza Centers NV on Tuesday said it has signed a EUR42.5 million loan agreement with a consortium of banks, led by Hungarian bank OTP Bank PLC.
Plaza Centers said the funds will be used to support the development of its shopping and entertainment centre, called Belgrade Plaza and located in Belgrade, Serbia, where construction is already in "advanced stages". Belgrade Plaza is on schedule to open in the first half of 2017.
"Our project in Belgrade is advancing well and this new bank facility will enable us to continue with the development in accordance with the plan and on schedule. Belgrade Plaza is a project with great potential and the strength of the opportunity is reflected in the fact that we have pre-let more than 50% of our retail and entertainment space at such an early stage," said Acting Chief Executive Dori Keren.
"Alongside our portfolio restructuring, which has seen us complete the disposal of a number of non-core and more mature assets over recent months, we continue at same time with our strategy to focus on those properties in our portfolio which have the greatest income potential and we are pleased with the progress we have made in the year to date," Keren added.
Shares in Plaza Centers were untraded on Tuesday, having last traded at 2.75 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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