Business
EUR 42.5M DEVELOPMENT FACILILTY FOR BELGRADE PLAZA
EUR 42.5M DEVELOPMENT FACILILTY FOR BELGRADE PLAZA.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \nRNS Number : 8528B Plaza Centers N.V. 21 June 2016 \n\n21 June 2016\n \nPLAZA CENTERS N.V.\n \nEUR 42.5M DEVELOPMENT FACILILTY AGREED FOR BELGRADE PLAZA (VISNJICKA)\n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\"), a leading emerging markets property developer, announces that it has signed a €42.5 million loan agreement to support the development of Belgrade Plaza (Visnjicka) in the Serbian capital, Belgrade, from a consortium of banks led by the Hungarian bank OTP Bank Plc.\n \nBelgrade Plaza is being developed on a 31,000 sqm plot of land owned by Plaza in Belgrade, a city with strong market demand and further future potential, given its large catchment area of approximately 1.7 million people. Construction is already in advanced stages on the new shopping and entertainment centre and it is on schedule to open in the first half of 2017. Belgrade Plaza, which is currently over 50% pre-let, will comprise circa 32,000 sqm of GLA and will be anchored by a supermarket, a multi-screen cinema complex and major international brands. \n \nDori Keren, Acting Chief Executive Officer of Plaza Centers N.V., said: \n \n\"Our project in Belgrade is advancing well and this new bank facility will enable us to continue with the development in accordance with the plan and on schedule. Belgrade Plaza is a project with great potential and the strength of the opportunity is reflected in the fact that we have pre-let more than 50% of our retail and entertainment space at such an early stage. Alongside our portfolio restructuring, which has seen us complete the disposal of a number of non-core and more mature assets over recent months, we continue at same time with our strategy to focus on those properties in our portfolio which have the greatest income potential and we are pleased with the progress we have made in the year to date.\" \n \nEnds\n \nFor further details, please contact:\nPlaza\nDori Keren, Acting CEO  ...