1st Feb 2017 08:25
LONDON (Alliance News) - Plaza Centers NV on Wednesday said it has received around EUR16.0 million net cash from the sale of the Suwalki shopping centre in Poland, and will distribute at least 75% of this to its bondholders.
Emerging markets property developer Plaza Centers announced the sale of Suwalki in December, saying the total consideration for the centre was EUR42.3 million, but part of this would be used to repay a EUR26.6 million loan secured on the property and for other working capital adjustments.
Plaza Centers said it will distribute at least 75% of the net cash to its bondholders by or before March 31, in line with its restructuring plan.
Suwalki is located in north east Poland and offers 20,000 square metres of space.
Shares in Plaza Centers were untraded on Wednesday, having last traded at 205.00 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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