11th Mar 2008 09:00
Plaza Centers N.V.11 March 2008 11 March 2008 PLAZA CENTERS ACQUIRES ITS SEVENTH PROJECT IN ROMANIA Plaza Centers N.V. ("Plaza" or the "Company"), a leading emerging marketsproperty developer, today announces that it has acquired a 31,000 sqm site inTargu Mures, Romania, to develop a significant shopping and entertainmentcentre. The modern, western style centre will have 32,000 sqm of lettable retail space,comprising more than 120 units. The site will also include 2,600 sqm of officespace and 1,000 car parking spaces. The proposed development is ideally locatednear to the city centre, close to the main road that links to the neighbouringtowns of Cluj Napoca and Alba Iulia. The development project is expected to cost approximately EUR 75 million.Construction is expected to start in late 2008 with a completion target of theend of 2010. The city of Targu Mures is located in North Central Romania, 280 km north westof Bucharest. The city has a population of 160,000 people and benefits from astrong local economy, with a history as the industrial centre of the region. This acquisition represents Plaza's seventh development scheme in Romania sinceit acquired its first project in November 2006. The Company's other schemes inRomania include its developments at Slatina, Iasi, Timisoara, Miercurea Ciuc,Honedoara and, most significantly, its landmark Casa Radio scheme in the heartof Bucharest, which comprises more than 500,000 sqm of built area includingshopping, leisure, office and conference facilities. In total, Plaza is now inthe process of developing over 750,000 sqm of retail and leisure space acrossthe country, with anticipated completion dates ranging from 2008 to 2012. Commenting on the deal, Ran Shtarkman, President and CEO, Plaza Centers N.V.said: "With a catchment area of 580,000 people within a 30 km radius of this plannedproject in Targu Mures, we see this as an excellent opportunity to offer a newshopping and entertainment experience for people who previously have not hadaccess to such high quality facilities. "We continue to see strong demand from both tenants and shoppers for this typeof project in Romania and we continue to look for further opportunities in thearea and across the rest of our target markets." Ends For further details please contact: PlazaRan Shtarkman +36 1 462 7221Roy Linden +36 1 462 7105 Financial DynamicsStephanie Highett/Laurence Jones +44 20 7831 3113 Notes to Editors Plaza Centers N.V. (www.plazacenters.com) is a leading emerging marketsdeveloper of shopping and entertainment centres. It focuses on constructing newcentres and, where there is significant redevelopment potential, redevelopingexisting centres in both capital cities and important regional centres. TheCompany is dual listed on the Main Board of the London Stock Exchange and, as of19 October 2007, the Warsaw Stock Exchange (LSE:"PLAZ", WSE: "PLZ/PLAZACNTR").Plaza Centers N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EI"), anIsraeli public company whose shares are traded on both the Tel Aviv StockExchange in Israel and the NASDAQ 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 active in realestate development in emerging markets for over 12 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Plaza