30th Jul 2007 10:00
Plaza Centers N.V.30 July 2007 30 July 2007 PLAZA CENTERS SELLS 50% STAKE IN LUBLIN PLAZA, POLAND, TO KLEPIERRE Plaza Centers N.V. ("Plaza" or the "Company"), a leading Central and EasternEuropean ("CEE") emerging markets property developer, announces today that ithas formally completed the sale of its 50% stake in the Lublin Plaza Shoppingand Entertainment centre in Poland to Klepierre SA ("Klepierre"), a leadingFrench property group. Plaza developed the Lublin Plaza project together with a 50% joint ventureparty, while the active management was handled solely by Plaza. Both partiesagreed to sell their holdings to Klepierre. The market value of the shopping centre, which was 100% let to international andlocal tenants on its opening to the public in June 2007, now totalsapproximately €78 million (on a 100% basis), compared to the estimated value ofapproximately €62 million at the time of the Company's Admission to trading. Lublin Plaza is located in the heart of Lublin and comprises 26,000 sq m ofgross lettable area, with adjacent parking facilities for 690 vehicles. LublinPlaza is the first shopping centre in Lublin to combine shopping withentertainment facilities. In addition, the Company is pleased to confirm that, further to its announcementto shareholders on 8 May 2007, all the outstanding conditions relating to thesale of the Rybnik Plaza and Sosnowiec Plaza Shopping and Entertainment centresin Poland to Klepierre have been fulfilled. On completion and upon sale, thecombined market value of the Rybnik Plaza and Sosnowiec Plaza propertiestotalled €90.1 million, an increase of €18.6 million on the estimated value atAdmission. Plaza intends to publish its forthcoming interim accounts on August 30, 2007 andwill also report an updated Net Asset Value statement as at June 30, 2007. Commenting on the handover agreement, Ran Shtarkman, President and CEO of PlazaCenters N.V., said: "We are pleased to have formally signed the handover agreements to Klepierre forLublin Plaza. The shopping centre is the third that we have completed in Polandthis year, all of which were 100% occupied on opening. "The successful handover of Lublin Plaza further demonstrates Plaza's trackrecord of delivering high quality shopping and entertainment destinations inemerging markets. We are delighted to have achieved a higher market value thanstated in the Company's Admission Document, providing significant value returnsfor our shareholders." For further details please contact: PlazaMordechay Zisser, Chairman +972 3 6086000Ran Shtarkman, President and CEO +36 1 462 7221Roy Linden, CFO +36 1 462 7134 Financial Dynamics +44 20 7831 3113Stephanie Highett/Lauren Mills Notes to Editors • Plaza Centers N.V. (www.plazacenters.com) is a leading emerging markets developer of shopping and entertainment centres, focusing on constructing new centres and, where there is significant redevelopment potential, redeveloping existing centres, in both capital cities and important regional centres. The Company is an indirect subsidiary of Elbit Medical Imaging Ltd. ("EMIL"), an Israeli public company whose shares are traded on both the Tel Aviv Stock Exchange in Israel and the NASDAQ Global Market in the United States. • Plaza Centers is a member of the Europe Israel Group of companies which is controlled by its founder, Mr Mordechay Zisser. It has been active in real estate development in emerging markets for over 11 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Plaza