12th Mar 2007 09:06
Plaza Centers N.V.12 March 2007 12 March 2007 PLAZA CENTERS CONTINUES EXPANSION IN ROMANIA Plaza Centers N.V. ("Plaza" or the "Company"), a leading emerging marketsproperty developer, today announces that it has acquired a site in Timisoara,West Romania ("the site"). The acquisition is Plaza's second transaction in Romania following the Company'sannouncement on 30 November 2006 that it had entered into a public-privatepartnership agreement with the Government of Romania to develop theapproximately US$1 billion Casa Radio (Dambovica) scheme in Bucharest. The site totals 31,800 sqm and is located alongside a major road approaching thecity centre of Timisoara, West Romania. The Company plans to build a shoppingcentre of approximately 30,000 sqm Gross Lettable Area, exclusive of parkingarea. Plaza has also secured an option to develop on the site approximately 20,000 sqmof new mixed retail, office and residential space adjacent to the shoppingcentre. The total estimated development cost of the project is €60m. Commenting on the deal, Ran Shtarkman, CEO, Plaza Centers N.V. said: "Timisoara is a city of approximately 330,000 inhabitants which is significantlyundersupplied by the sort of high quality retail space that we specialize indeveloping. This opportunity to develop a major retail destination willtherefore meet both the strong local consumer demand and the pent-up interestfrom potential domestic and international tenants for space in this type ofdevelopment. "This acquisition is Plaza's second transaction in Romania and marks asignificant step in the growth of the Company's presence in the region." For further details please contact: PlazaRan Shtarkman +36 1 462 7221Roy Linden +36 1 462 7200 Financial DynamicsStephanie Highett/ Dido Laurimore/ Adam Leviton +44 20 7831 3113 Notes to Editors Plaza Centers is a leading emerging markets developer of shopping andentertainment centres, focusing on constructing new centres and, where there issignificant redevelopment potential, redeveloping existing centres, in bothcapital cities and important regional centres. The Company is an indirectsubsidiary of Elbit Medical Imaging Ltd. ("EMIL"), an Israeli public companywhose shares are traded on both the Tel Aviv Stock Exchange in Israel and theNASDAQ Global Market in the United States. Plaza Centers is a member of the Europe Israel Group of companies which iscontrolled by its founder, Mr Mordechay Zisser. It has been present in realestate development in emerging markets for over 10 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Plaza