20th Nov 2007 08:00
Plaza Centers N.V.20 November 2007 20 November 2007 PLAZA CENTERS MAKES FIRST ACQUISITION IN BULGARIA Plaza Centers N.V. ("Plaza Centers" or "the Company"), a leading emergingmarkets property developer, today announces that it has made its firstinvestment in Bulgaria through the acquisition of a retail development projectin Shumen, Bulgaria. The development budget for the new shopping andentertainment centre is estimated to be €38 million. Shumen, the largest city in Shumen County, is situated in the north-east ofBulgaria, 80 km from Varna. The City of Shumen has a population of over 100,000and is located within a larger catchment area of 205,000 people. The development, which occupies a plot of 17,000 sqm, will comprise 18,000 sqmof lettable retail space, and 20,000 sqm of parking, providing 600 spaces. TheCompany anticipates that the project will be completed by late 2009. This first investment in Bulgaria strengthens Plaza's position in South-EastEurope, following its recent acquisitions in Romania and Serbia. Plaza Centersis currently developing five sites in Romania as well as two in Serbia. Commenting on the deal, Ran Shtarkman, President and CEO, Plaza Centers N.V.said: "This acquisition represents an important milestone for the company as it is ourfirst investment in Bulgaria. Shumen, with a total catchment of over 200,000people, is significantly undersupplied by the sort of high quality retail andentertainment space that we specialise in developing. It is a further example ofhow we have identified a developing market with a shortage of high qualityspace. With high demand in Bulgaria for such a development, we expect thisproject to generate considerable returns for our shareholders." 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) PlazaCenters N.V. is an indirect subsidiary of Elbit Imaging Ltd. ("EIL"), an Israelipublic company whose shares are traded on both the Tel Aviv Stock Exchange inIsrael 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 undertaken real estatedevelopment in emerging markets for more than 11 years. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Plaza