Business
Opening of Plzen Plaza
Opening of Plzen Plaza.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n Plaza Centers N.V.\n10 December 2007\n\n10 December 2007\n\n\n\n PLAZA CENTERS OPENS PLZEN PLAZA IN CZECH REPUBLIC\n\n\nPlaza Centers N.V. ('Plaza Centers' or 'the Company'), a leading emerging\nmarkets property developer, announces that Plzen Plaza Shopping and\nEntertainment centre in Plzen, Czech Republic has been completed and opened to\nthe public.\n\n\nWith a gross lettable area of 20,000 sqm, the centre was 100% let on opening.\nThe three storey shopping centre includes a supermarket on the lower ground\nfloor, a ten screen cinema, a variety of restaurants and cafes and a bowling and\nentertainment centre. There are over 90 shops in the centre with international\nfashion brands such as Esprit, Reserved, Retro Jeans, Takko, Orsay and Deichman.\nThere are also 600 car parking spaces.\n\n\nPlzen Plaza is ideally located on the main road leading in to Plzen, and is well\nserved by tram and bus lines, enabling easy access for the catchment area of\n163,000 inhabitants of Plzen and a further 150,000 inhabitants in the\nsurrounding area.\n\n\nAs indicated in the Company's prospectus at the time of its admission to trading\non the London Stock Exchange, Plzen Plaza has been pre-sold to the Klepierre\nGroup, a leading French property group. The estimated gross asset value of the\ndevelopment as at 30 June 2007 was €61.8 million.\n\nThe formal handover to Klepierre is expected to take place in the first quarter\nof 2008.\n\n\nOn completion of the sale and subsequent handover to Klepierre, a further\nannouncement will be made to shareholders.\n\n\nCommenting on the opening, Ran Shtarkman, Chief Executive of Plaza Centers,\nsaid:\n\n\n'Plzen Plaza is a landmark development for the Western Bohemian region of the\nCzech Republic which has attracted some major international brands to the area.\nWith the project completed and opened in early December, Plzen Plaza will be\nable to take advantage of the Christmas sales boost from a catchment area of\nover 300,000 people.\n\n\n'This shopping centre development and subsequent disposal is another clear\nexample of our ability to create significant shareholder value by developing\nmajor retail sites in our chosen markets, pre-letting the units to international\nand domestic tenants and the disposing of the asset on completion.\n\n\n'We look forward to updating shareholders on the final co...