Business
Opening of Arena Plaza
Opening of Arena Plaza.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n Plaza Centers N.V.\n15 November 2007\n\n\n\n15 November 2007\n\n\n\n PLAZA CENTERS OPENS ARENA PLAZA IN HUNGARY\n\n\nPlaza Centers N.V. ('Plaza Centers' or 'the Company'), a leading emerging\nmarkets property developer, announces that Arena Plaza Shopping and\nEntertainment centre in Budapest, Hungary has today been completed and opened to\nthe public.\n\nArena Plaza is Hungary's largest shopping and entertainment centre and was 100%\noccupied by international and local tenants at opening. The Centre comprises\napproximately 66,000 square metres of lettable area, with 220 retail units of\nvarious sizes, and is serviced by over 2,800 parking spaces. Amongst the\ninternational anchor tenants of the Centre are Tesco, the Inditex Group and Peek\n& Cloppenburg, together with other major retailers such as H&M, Electro World,\nHervis and C&A. Additionally, Arena Plaza has a 23-screen Cinema City complex,\nwhich includes Hungary's first IMAX theatre.\n\nAs announced to shareholders on 7 August 2007, Arena Plaza was pre-sold to\nUK-based Active Asset Investment Management ('aAIM'). The purchase price will be\nfinally determined on the completion of the transaction, which is expected to\ntake place within a month of Arena Plaza's opening date, on the basis of the\nactual rent levels achieved being capitalized at an agreed yield. The Company's\nmanagement estimates the final transaction price based on actual rent levels\nwill be no less than circa €380 million, with an overall transaction price cap\nof €400 million, as agreed with aAIM.\n\n\nOn completion of the transaction a further announcement will be made to\nshareholders.\n\n\nCommenting on the opening, Ran Shtarkman, Chief Executive of Plaza Centers,\nsaid:\n\n'Arena Plaza is one of the largest and most prestigious shopping and\nentertainment centres in Central and Eastern Europe, the design and ambition of\nwhich has set new standards for the region ever since we first acquired the site\nin late 2005. In developing Hungary's largest shopping centre, we have provided\nan exciting new commercial centre for Budapest and a compelling destination for\nnational and international tenants and visitors. The project represents our 25th\nshopping and entertainment centre in the CEE region and our 17th shopping and\nentertainment centre in Hungary.\n\n'The Arena Plaza confirm...