10th Dec 2007 08:00
Plaza Centers N.V.10 December 2007 10 December 2007 PLAZA CENTERS OPENS PLZEN PLAZA IN CZECH REPUBLIC Plaza Centers N.V. ("Plaza Centers" or "the Company"), a leading emergingmarkets property developer, announces that Plzen Plaza Shopping andEntertainment centre in Plzen, Czech Republic has been completed and opened tothe public. With a gross lettable area of 20,000 sqm, the centre was 100% let on opening.The three storey shopping centre includes a supermarket on the lower groundfloor, a ten screen cinema, a variety of restaurants and cafes and a bowling andentertainment centre. There are over 90 shops in the centre with internationalfashion brands such as Esprit, Reserved, Retro Jeans, Takko, Orsay and Deichman.There are also 600 car parking spaces. Plzen Plaza is ideally located on the main road leading in to Plzen, and is wellserved by tram and bus lines, enabling easy access for the catchment area of163,000 inhabitants of Plzen and a further 150,000 inhabitants in thesurrounding area. As indicated in the Company's prospectus at the time of its admission to tradingon the London Stock Exchange, Plzen Plaza has been pre-sold to the KlepierreGroup, a leading French property group. The estimated gross asset value of thedevelopment as at 30 June 2007 was €61.8 million. The formal handover to Klepierre is expected to take place in the first quarterof 2008. On completion of the sale and subsequent handover to Klepierre, a furtherannouncement will be made to shareholders. Commenting on the opening, Ran Shtarkman, Chief Executive of Plaza Centers,said: "Plzen Plaza is a landmark development for the Western Bohemian region of theCzech Republic which has attracted some major international brands to the area.With the project completed and opened in early December, Plzen Plaza will beable to take advantage of the Christmas sales boost from a catchment area ofover 300,000 people. "This shopping centre development and subsequent disposal is another clearexample of our ability to create significant shareholder value by developingmajor retail sites in our chosen markets, pre-letting the units to internationaland domestic tenants and the disposing of the asset on completion. "We look forward to updating shareholders on the final completion and disposalto Klepierre in due course." For further details, please contact: Plaza Centers Mordechay Zisser, Chairman +972 3 608 6000 Ran Shtarkman, President and CEO +36 1 462 7221 Roy Linden, CFO +36 1 462 7105 Financial Dynamics +44 20 7831 3113 Stephanie Highett / Laurence Jones 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. ("EIL"), 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 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