Business
New Development Loans
New Development Loans.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n RNS Number : 9152Y Plaza Centers N.V. 05 January 2011 \n\n \n5 January 2011\nPLAZA CENTERS N.V.\n \nPLAZA COMPLETES SIGNING OF €85.5 MILLION OF DEVELOPMENT LOANS\n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\"), a leading emerging markets property developer, today announces that it has signed a new €52.5 million development loan for the construction of its shopping centre at Torun in Poland. This follows the recent signing of a €33 million facility for another shopping centre development in Kragujevac, Serbia.\n \nThe €52.5 million loan will cover 70% of the development costs for Plaza's tenthretail scheme in Poland. Located in Torun, the centre will have a gross lettable area (\"GLA\") of 40,000 sqm and is already approximately 40% pre-let to major local and international tenants including H&M, Kappahl, Camaieu, Orsay, Rossmann, Douglas, Cinema City, Fantasy Park and Delima Delicatessen. Construction has already commenced at the site and completion is due in Q4 2011. On completion, the development loan will convert into a five year investment facility.\n \nIn addition, Plaza recently signed a €33 million loan for 70% of the development costs for a new shopping centre at Kragujevac, Serbia. The centre, already circa 70% pre-let, will comprise approximately 22,000 sqm of GLA. Major tenants signed to date include Big Bang, Fox, OfY, Benetton, Liliy, Mladinska, knjiga, Circus and Fantasy Park. On completion of the project, due in Q1 2012, the development loan will be converted into a 15 year investment facility.\n \nRan Shtarkman, President and Chief Executive Officer of Plaza Centers N.V., said\n\"Our ability to secure loans for 70% of the development costs of these projects, in what remains a restricted financing market, reflects both the quality of the individual developments, as well as Plaza's strong track record of delivering shopping centres which are attractive to a broad range of tenants.\n \n\"We have already signed a significant number of pre-lets for the centres and continue to see strong interest from other potential occupiers. We look forward to building on this strong start for 2011, by progressing construction on these projects, delivering high quality assets to strengthen our investment portfolio.\"\n \nFor further details please contact:\n\n\n\n\nPlaza\nMor...