25th Jul 2007 09:00
Plaza Centers N.V.25 July 2007 25 July 2007 PLAZA CENTERS ACQUIRES FOURTH RETAIL DEVELOPMENT PROJECT IN ROMANIA Plaza Centers N.V. ("Plaza Centers" or "the Company"), a leading emergingmarkets property developer, today announces that it has acquired a retaildevelopment project in Iasi, Romania. The estimated development budget for theproject is €115 million. The project will see a new retail-led mixed use development built in Iasi, thelargest city in Iasi County, situated in the north-east of Romania. The City ofIasi has a population of over 340,000 and is located within a larger catchmentsarea of 820,000 people. The development, which occupies a plot of 46,500 sqm, will encompass 54,000 sqmof retail space, 15,000 sqm of office space and 46,200 sqm of parking, providing1,400 spaces. Additionally, the terms of the acquisition provide the option todevelop 70,000 sqm of residential accommodation on the site, which the Companymay consider selling to a third party. The Company anticipates that the centrewill be completed in 2010. This project is Plaza Centers' fourth development project in Romania since itcommenced operations in the country in November 2006. The Company's otherschemes in the country include its schemes at Timisoara, Miercurea Ciuc and,most significantly, its landmark Casa Radio scheme in the heart of Bucharestcomprising more than 500,000 sqm of built area including a shopping andentertainment centre, residential and office space, a hotel, casino,hypermarket, convention and conference hall and parking facilities. Commenting on the acquisition, Ran Shtarkman, President and Chief ExecutiveOfficer of Plaza Centers, said: "The development of this major mixed-use scheme in Iasi will provide the citywith a prestigious and exciting new shopping and entertainment destination. Welook forward to welcoming a range of high quality retail and commercial tenantsto the centre. "In acquiring our fourth significant development project in Romania in only ninemonths, we are demonstrating our clear belief in the country's prospects. It isa market that holds great opportunity for us to capitalise on our specialistdevelopment expertise gained over many years of successful development acrossCentral and Eastern Europe and, in so doing, deliver on our strategy of valuecreation both for our clients and our shareholders." For further details please contact: Plaza CentersMordechay Zisser, Chairman +972 3 608 6000Ran Shtarkman, President and CEO +36 1 462 7221Roy Linden, CFO +36 1 462 7105 Financial Dynamics +44 20 7831 3113Stephanie Highett / Lauren Mills Notes to Editors Plaza Centers N.V. (www.plazacenters.com) is a leading emerging marketsdeveloper of shopping and entertainment centres, focusing on constructing newcentres and, where there is significant redevelopment potential, redevelopingexisting centres, in both capital cities and important regional centres. TheCompany is an indirect subsidiary of Elbit Medical Imaging Ltd. ("EMIL"), 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 present in realestate development in emerging markets for over 11 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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